Northern Lights Acquisition, a blank check company targeting the cannabis industry, raised $100 million by offering 10 million units at $10. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by Co-CEOs and Directors John Darwin and Joshua Mann, the co-founders and Managing Partners of Canadian merchant bank Luminous Capital. Darwin most recently was the co-founder and President of US-based dispensary franchisor OCG (ONE Cannabis). Mann also currently serves as the Interim CEO of INDVR Brands (CSE: IDVR). The company aims to leverage management's experience to target businesses in the cannabis industry, specifically focusing on those in the financing, branded products, branded retail operations, cultivation and processing, and technology subsectors.
Northern Lights Acquisition plans to list on the Nasdaq under the symbol NLITU. EF Hutton acted as sole bookrunner on the deal.
