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Cannabis Movers & Shakers: Columbia Care, Affinor Growers, Open Book Extracts, Trait Biosciences, WM Technology, CBD Health Club, MedMen, TGOD, Cann American
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Silver Spike Acquisition Corp and WM Holding Company, LLC Announce Registration Statement Effectiveness and June 10, 2021 Scheduled Special Meeting to Approve Business Combination
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SPACs have a limited timeframe, typically around 18-24 months, to put investors money to work by closing deals. The clock is ticking on many of these cannabis SPACs, according to data provided to Business Insider by Viridian Capital Advisors, a cannabis-focused advisory firm.
So far, four out of 17 cannabis-focused SPACs have successfully de-SPACed, or found merger targets. That still leaves over $1.5 billion sitting on the sidelines, waiting to be invested.
If SPACs are unable to close deals, the money gets returned to investors and SPAC sponsors can lose a significant chunk of their investment, said Ari Edelman, a partner at the law firm Reed Smith who focuses on SPACs.