Cannabis SPAC Collective Growth Corp prices $150 million IPO at $10

Collective Growth Corp, a blank check company led by former Canopy Growth execs targeting the cannabis industry, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one half of a warrant exercisable at $11.50. At $10, the company commands a market value of $190 million. Collective Growth Corp was co-founded by former Canopy Growth (NYSE: CGC) CEO Bruce Linton and National Hemp Association Chairman Geoffrey Whaling.

Collective Growth Corp plans to list on the Nasdaq under the symbol CGROU. Cantor Fitzgerald acted as a lead manager on the deal.