Greenland Acquisition
ðŠĶ BankruptTrust Size
$50M
Peak Price
$6.50
Current Price
$0.00
Return
-100.0%
Peak Market Cap
$300M
What Happened
Greenland Acquisition merged with cannabis company iClick Interactive in a cross-border SPAC deal. The company struggled as the cannabis market contracted and went bankrupt in 2023.
Greenland Acquisition Corp was a smaller SPAC that merged with cannabis-adjacent companies during the marijuana legalization hype. The company operated in the cannabis supply chain, providing equipment and technology to growers.
The cannabis SPAC boom was driven by expectations of imminent federal legalization in the US, which would have opened a massive market. But legalization repeatedly stalled in Congress, and the companies that went public via SPAC found themselves in a shrinking market with collapsing prices.
Greenland's revenue never materialized at the scale needed, and the cannabis industry's oversupply crisis made conditions worse. State-legal cannabis companies faced intense price competition, and many of Greenland's potential customers were themselves going bankrupt.
The company filed for bankruptcy in 2023, another casualty of the cannabis SPAC wave that assumed federal legalization was imminent.
Key People
Raymond Chang
CEO
Led SPAC merger and operations
Timeline
2019-11-01
SPAC merger closes
2021-06-01
Cannabis stocks peak on legalization hopes
2022-06-01
Industry downturn accelerates
2023-04-01
Files bankruptcy
ð SEC Filings
View all EDGAR filings for Greenland Acquisition
Risk Scores
Dilution Score
45/100
Insider Profit Index
35/100