The latest entry in a wave of cannabis-related blank-check efforts comes from Ackrell SPAC Partners I Co., which filed Tuesday with the U.S. Securities and Exchange Commission and seeks to trade on the Nasdaq.
The investors tell the SEC they invest in so-called “fast-moving consumer goods” and have identified opportunities in hemp, particularly beverages and wellness products.
“Our management team believes that hemp-based consumer goods have the potential for mass consumer appeal around the world,” Ackrell said in its filing. “Consumers are beginning to use hemp-based products to treat a variety of medical conditions, including anxiety, insomnia, pain and inflammation.”
The Ackrell team includes CEO Jason Roth, former CEO of Mile High Labs, a Colorado-based CBD extractor and private-label supplier.
Ackrell vice chairman Shannon Soqui was once head of U.S. cannabis investment at cannabis investment adviser Canaccord Genuity.
The Ackrell filing is just the latest in a flurry of cannabis-related blank check or special purpose acquisition companies – better known as SPACs.
Cannabis-related blank-check IPOs raised more than $2.6 billion last year and more than $700 million through the first half of 2020, according to Viridian Capital Advisors.