What Happened to Greenland Acquisition?

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.