When this transaction is completed in mid-February (that is the current estimate), Canopy Rivers will rename itself and go hunting for an acquisition in the U.S. But here is the best part: Jason Wild and his JW Asset Management owns 23.9% of the Canopy Rivers and will become the largest shareholder. I wrote an appreciation post of Jason and his incredible record of 25% average annual returns for twenty years here:
Wild That So Few Are Following Jason Wild.
I believe Canopy Rivers is a Jason Wild SPAC without the dilutive SPAC economics. We get a sponsor who has a terrific track record, focused on the U.S., and a stock that probably trades at a discount to its net asset value. At a time when SPACs with great sponsors trade at a premium, this is strange. But with so few investors still investing in the sector, this is not too surprising.
After missing Terrascend (
My big miss of 2020), I love the idea of investing alongside Jason Wild at a discount and getting a free look at a U.S. cannabis acquisition. Value investing in cannabis is alive and well.