Cannacord gets canna-fever; Shopping for cannabis co. IPO in the works

Canaccord Genuity is the latest publicly traded company to stake a claim in the burgeoning cannabis industry.

The investment bank is on the lookout for a cannabis-company acquisition opportunity and has earmarked up to $250-million for a possible friendly takeover or outright purchase.

Last week the company announced that it has filed a preliminary prospectus for an initial public offering as a newly-organized special purpose acquisition corporation, Cannacord Genuity Growth Corp. (CGGC)

“CGGC intends to focus our target search on businesses that are involved in cannabis production and/or distribution and/or related sectors,” the company said.

The offering is for Class A restricted voting units of CGGC at an offering price of $3.00 per Class A Restricted Voting Unit,.

Aggregate proceeds will be placed in escrow pending completion of a qualifying transaction by CGGC and will only be released upon certain prescribed conditions.

 

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