New Ohio SPAC raising $30.5 million for wellness acquisitions, including CBD

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A new special purpose acquisition company (SPAC) started by Ohio marijuana industry players is raising money to acquire small wellness brands.

Better For You Wellness has a term sheet with Williamsburg Venture Holdings for up to $30 million plus $500,000 from private placements, according to business publication Columbus Inno and a company news release.

The Columbus company is reportedly considering roughly 15 acquisition targets, possibly including CBD firms as well as health, nutrition and wellness companies.

“A lot of these (small wellness) companies just have been undercapitalized,” CEO Ian James told Columbus Inno.

James described Better For You as a “micro-SPAC.”

The blank-check company, which merged into publicly traded shell company Fast Track Solutions earlier this year, trades on over-the-counter markets as FTRK.

Better For You directors include celebrity former talk show host Montel Williams and Petland CEO Joseph Watson.