Choice Consolidation Corp. is winding up its business and backing away from any marijuana industry acquisitions, the industry special purpose acquisition corporation (SPAC).
The Chicago-based company raised $150 million in capital for U.S. cannabis acquisitions via a 2021 IPO.
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Now, however, the company’s board “(does) not believe that an appropriate qualifying transaction can be identified and completed within the company’s permitted timeline,” Choice said in a news release.
Choice was led by CEO Joe Caltabiano, the Cresco Labs co-founder who stepped down as president of the marijuana multistate operator in 2020 and subsequently resigned as a director.
“While the creation of the legal and regulated cannabis industry presents the opportunity to harness growth potential of a burgeoning industry, the current shifting market conditions and partisan political gridlock have made our current pathway too unpredictable,” Caltabiano said in a statement.
He added that he looks “forward to unlocking future
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