Joe Caltabiano's Cannabis SPAC Shuts Down, Gives Back Money

Former Cresco Labs (OTC: CRLBF) executive Joseph Caltabiano is closing his special purpose acquisition company (SPAC) Choice Consolidation Corp. (NEO:CDXX.UN.U) (OTCQX: CDXXF). The SPAC confirmed Friday that the company will be wound-up and that all its units, shares, and warrants will be automatically redeemed on or about August 16, 2022.

The company’s board of directors believes that the company will not be able to find and complete an appropriate qualifying transaction within the SPAC’s permitted timeline. Therefore, the board had concluded it is in the best interest of the company and its shareholders to wound up.

“While the creation of the legal and regulated industry presents the opportunity to harness growth potential …

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