In 2020, most of the investments that were made in the cannabis space came from SPACs, or special purpose acquisition companies, Benzinga’s Javier Hasse said on this week’s BZ Cannabis Hour.
There was a 70% dip this year compared to last year, with most of the capital coming from SPACs, including one helmed by Joe Crouthers, Ceres Group CEO.
“How do you raise $120 million in an environment like the current [one]?” Hasse asked.
Over the past year, pre-COVID pandemic, cannabis was already a “capital restricted market,” Crouthers said. If you were looking to raise $5 million or above “you were [likely] struggling for those larger checks.”
“That’s been …