Bruce Linton Raised $150 Million for a Hemp Venture – Amidst the Pandemic
Cannabis entrepreneur, Bruce Linton, claims that the global coronavirus crisis aided him in his fundraising efforts.
The Canadian entrepreneur was fired from his previous two jobs. But like a phoenix, he rose from the ashes with a new venture and a new mission. His aim is to disrupt the industrial hemp supply chain.
Linton is the co-founder and former co-chief executive of Canopy Growth Corp., a leader in the Canadian cannabis market. He raised $150 million during an initial public offering of a special-purpose-acquisition corporation, also known as SPAC, named Collective Growth Corp. His idea was to use the money to obtain hemp companies.
Collective Growth was first traded on the Nasdaq on May 1. During this time, Linton and his partners announced their opening. There would be no business until they obtained or invested in one or more.
Lincoln explained that the coronavirus pandemic positively impacted their fundraising. He’s quoted telling MarketWatch during an interview, “People have been at home, and they’ve been seeing the blue skies with less traffic and pollution.” He went on, “It makes them think more of sustainability, and that’s where the hemp plant comes in. If you deconstruct the plant, it can be used for sustainable building materials, and that’s good at a time when people are aware there’s a problem with the supply chain and the environment.”
Now, Linton and his team will need to find companies to acquire. They’re looking for opportunities in Europe now, as there isn’t as much regulatory oversight overseas. There has never been a ban on the hemp plant in Europe as there was in the U.S.
Linton claims, “The best technology is in Europe. Because they didn’t get around to banning hemp, they have the best in field and some small and medium-size companies doing really interesting things in hemp.”