Greenrose Acquisition Corp. (OTCQX:GNRS), a special purpose acquisition company (SPAC) targeting companies in the cannabis industry, said its shareholders voted to approve the proposed business combination with Connecticut-based Theraplant LLC and the acquisition of certain assets of Arizona-based True Harvest LLC.
Upon closing the business combination, which is expected to be in early November, Greenrose said the combined company will be named The Greenrose Holding Company and will continue to be listed on the OTC under the symbols “GNRSU,” “GNRS,” and “GNRSW”.
Greenrose also intends to list on the NEO exchange as soon as practicable after the close of the business combination.
READ: Greenrose Acquisition files definitive proxy statement relating to its proposed business combination
“We are grateful for the support of our shareholders and would like to thank them for sharing in our vision of developing and expanding our cannabis platform,” said Mickey Harley, CEO of Greenrose, in a statement.
“Our team is ready to enter our next exciting growth phase, and we look forward to using the proceeds of this transaction to expand in our existing markets and target strategic assets in key states that present opportunities for further consolidation.”
Greenrose said Imperial Capital LLC is acting as capital markets advisor and Gateway Group is serving as communications advisor. And Mackenzie Partners and Broadridge Financial Solutions (NYSE:BR) are acting as proxy advisors to Greenrose in connection with its proxy solicitation efforts.
Greenrose is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities.
Besides Theraplant and True Harvest, the company has entered into definitive agreements to acquire two other cannabis companies, Shango Holdings Inc. (Shango) and Futureworks LLC (d/b/a The Health Center). The four companies are known collectively as “The Platform”.
The new Greenrose Platform will be a multistate operator that will look to further vertically and horizontally integrate into the markets that it is in and to enter new high growth and limited license markets.
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