Weedmaps – The Cannabis SPAC Has Finally Arrived
SPACs are now being issued at such a frantic pace that finding the right company has been substituted with finding any company that's up for it. In its original form, the special purpose acquisition company (SPAC) was meant to be a fund that investors entrusted with a sizable amount of money. The fund's manager, who charges a handsome 20% for their services, was expected to use their subject matter expertise to find a diamond in the rough, then negotiate the most favorable terms for investors. Today, anyone who can fog a mirror is issuing a SPAC because the people on the other end of the trade have never been so dumb.
It's not just SPACs. At no point in time was the greater fool theory ever more appropriate in explaining what's happening to SPACs, IPOs, tech stocks, bitcoin, and the list goes on. It's always the risky assets too. How come nobody gets excited about Johnson & Johnson (JNJ)? Let's hope they never do, because that's one of the reasons we sleep so well at night. Bu...
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