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SPAC strategy includes vertical integration and high-end indoor flower cultivation

Greenrose Acquisition Corp. sought out companies that grow exceptional flower, such as Shango, below. Courtesy Photo

Greenrose Acquisition Corp.’s investment strategy hinges on cultivation.

As a special purpose acquisition company, or SPAC, Greenrose completed an initial public offering of 15 million shares in February 2020 with plans to use the $150 million in gross proceeds to acquire cannabis companies.

In March, the SPAC signed contracts to buy four marijuana businesses. Between them, the companies—Connecticut-based Theraplant, The Health Center in Colorado, Arizona-based True Harvest and Oregon-headquartered multistate operator Shango—operate in seven states, four of them vertically integrated.


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