CBD exec’s blank-check effort nets $115 million

A blank-check investment company led by the co-CEO of North Carolina CBD maker cbdMD has raised $115 million to invest in consumer goods.

The new blank-check company, Adara, did not mention cannabinoid products in its November filing with the U.S. Securities and Exchange Commission. Instead, the company says it plans to invest in “companies in the consumer products industry and related sectors.”

One of Adara’s backers is Martin A. Sumichrast, who is co-CEO and chairman of the board for cbdMD, which is based in Charlotte, North Carolina, and makes and distributes CBD products. Other backers include a private-equity firm in Charlotte, Blystone & Donaldson.

Adara trades on the NYSE American as ADRA.U. cbdMD trades on the NYSE American as YCBD.