Bruce Linton, former co-founder and CEO of Canopy Growth, had announced this. At the Benzinga Conference in Miami on February 27. He also revealed the upcoming launch of a Special Purpose Acquisition Company to raise $150 million . When it goes public on March 17 on the NASDAQ.
Promise fulfilled yesterday with the announcement of the creation of Collective Growth. Which aims to develop the hemp supply chain in the United States. Bruce Linton is not going alone and has joined the services of two loyal supporters:
- Geoff Whaling, president of the National Hemp Association. Who is credited with launching the first hemp industrial park in southern New York State.
- Tim Saunders, former Executive Vice President and Chief Financial Officer of Canopy Growth.
The 3 men confirmed that Collective Growth has received preliminary approval from the Securities and Exchange Commission (SEC). The policeman of the U.S. Stock Exchange, to raise $150 million in an IPO on March 17 on the NASDAQ market.
The funds will be usable to build hemp dehulling . (extraction of fiber from hemp) besides, processing facilities in the United States.
Geoff Whaling and Bruce Linton both played an important role in the legalization of industrial hemp in the United States in 2018. U.S. farmers have massively adopted hemp, grown primarily for the extraction of CBD, but the fiber has so far lacked the infrastructure to process and transform it into a marketable commodity.
We tell them that if they grow it, we’ll come to treat it, said Whaling. This is an absolutely essential next step if we are to revive the hemp industry to achieve the potential of being a major crop capable of producing competitive products.