Collective Growth is looking to launch a public offering soon, despite the market slow down
In the middle of a world health crisis, there are still businesses moving forward with their plans, and a new cannabis company seems to be ready to be traded publicly. The former Canopy Growth CEO, Bruce Linton, is now involved in another cannabis company called Vireo Health, which is currently planning on launching a new company called Collective Growth. With Linton’s long experience in the industry, and with the big win in his resume of leading Canopy Growth to become an industry leader, this could be the next big company in the cannabis sector.
Collective Growth is planning on going big, and, on March 2, it filed a request with the NASDAQ exchange to launch an initial public offering (IPO). The IPO hopes to raise $150 million by offering 15 million units with a value of $10each. Other personalities leading Collective Growth are Tim Saunders, the former chief financial officer of Canopy Growth, and Geoff Whaling, chairman of the National Hemp Association.
Linton is familiar with the process of working in the cannabidiol (CBD) market. He obtained a license to operate in January 2019, just a couple of months after the 2018 Farm Bill was passed, and, with this new venture, Linton is aiming for more than just hemp-derived products. He told Yahoo Finance, “What we want to take is the whole plant and create a profit from every element of it.” He didn’t share many more details about specific plans, but some acquisitions might be in the future as he stated that the company has “a great management team” and that it “can find some really great targets.”