Achari Ventures Holdings I, a blank check company backed by Achari Ventures targeting the cannabis industry, filed on Thursday with the SEC to raise up to $100 million.
The Clark, NJ-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one warrant to purchase one-half of a share, exercisable at $11.50. At the proposed deal size, Achari Ventures Holdings I would command a market value of $125 million.
The company is led by CEO and Chairman Vikas Desai, founder and Partner of cannabis-focused venture firm Achari Ventures. The company plans to target ancillary (non-plant touching) businesses in the cannabis industry, focusing on those with historical and expected growth tracking or exceeding the industry average, at least $50 million of revenue with clear pathway to $200 million over five years, and a strong management team with execution capability, among other characteristics.
Achari Ventures Holdings I was founded in 2021 and plans to list on the Nasdaq under the symbol AVHIU. Chardan Capital Markets is the sole bookrunner on the deal.
