Dealmaking in the frenzied cannabis market continues to flourish with the latest megadeal announced Thursday. Investors aim to build a Coca-Cola or Hershey of marijuana, launching the first national pot brand in the United States.
Parallel and Ceres Acquisition Corp. Announce Business Combination to Create a Publicly Traded U.S. Cannabis Well-Being Company
Parallel (the “Company”), one of the largest privately-held multi-state cannabis operators in the United States (U.S.) and Ceres Acquisition Corp. (“Ceres”) (NEO: CERE.U, CERE.WT;OTCQX: CERAF), a special purpose acquisition corporation (SPAC), today announced they have entered into a definitive business combination agreement involving a transaction that, if completed, would result in Parallel becoming a public company (the “Transaction”).
What is a Cannabis SPAC?
SPACs were one of the big financial stories of 2020, given that they raised billions of dollars in the second half of the year. Given the amount of money flowing into SPACs, it’s not surprising that the cannabis industry turned to this new trend for financing.
SPAC Week, Part II: Why SPACs Make Sense (Podcast)
SPAC Week returns with Joe Crouthers, Co-Founder and CEO of Ceres Group Holdings, who discusses why they’re focused on the plant-touching side of the sector.
Navigating the SPAC Trend in the Cannabis and Hemp/CBD Market
Special Purpose Acquisition Companies (SPACS) have had increased activity in the cannabis and hemp/CBD industries over the past year.