Despite being fired from his last two positions, Bruce Linton hasn’t given up. His goal now is to disrupt the industrial supply chain and to do that he has started a new hemp company. At a time when many businesses are struggling with the global pandemic, Bruce seems to be thriving.
The new company, called Collective Growth, started trading on the Nasdaq on May 1. The initial public offering managed to raise $150 million. Collective Growth is what is called a special-purpose-acquisition-company. That means that the company’s only purpose is to acquire other companies, and does not have any business until it finds a company to get a stake in.
Bruce admits that things are different because of the coronavirus. However, he doesn’t see it as all bad.
“People have been at home, and they’ve been seeing the blue skies with less traffic and pollution,” Linton said in an interview. “It makes them think more of sustainability, and that’s where the hemp plant comes in. If you deconstruct the plant, it can be used for sustainable building materials, and that’s good at a time when people are aware there’s a problem with the supply chain and the environment.”
Collective Growth has set its sights on Europe as the best place to look for businesses to invest in. With hemp never being fully banned like it was in the U.S., they have an established trade in hemp and the knowledge to help the industry thrive.
“The best technology is in Europe,” Linton said. “Because they didn’t get around to banning hemp, they have the best in the field and some small and medium-size companies are doing really interesting things in hemp.”