CannabisNewsBreaks – Pono Capital Corp (NASDAQ: PONOU), Benuvia Inc. Enter Definitive Business Combination Agreement

Pono (NASDAQ: PONOU), a publicly traded special purpose acquisition company, and Benuvia, a leading drug developer and manufacturer of active pharmaceutical ingredients focused on cannabinoids, with a growing portfolio of drug products and intellectual property, announced entry into a definitive business combination agreement that will result, subject to the satisfaction or waiver of certain closing conditions, in Benuvia becoming a public company. According to the announcement, Benuvia will apply to be listed on the Nasdaq. “Benuvia has established a strong position in the pharmaceutical cannabinoid market with its intellectual property and manufacturing assets,” said Dustin Shindo, chief executive officer of Pono. “As we were evaluating potential partners, we sought a company that is well-positioned for high growth, that has proprietary technology or competitive advantage, and with public company potential. With the Benuvia team, we believe that we have found an excellent merger partner to help drive long-term value for our stockholders. We are excited to partner with Benuvia on this exciting journey as they become a publicly traded company.”

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About Pono Capital Corp

Pono Capital Corp is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. In August 2021, Pono Capital Corp consummated a $115 million initial public offering (the “IPO”) of 1.15 million units (reflecting the underwriters’ exercise of their over-allotment option in full), each unit consisting of one of the company’s Class A ordinary shares and three-quarters of one warrant, each whole warrant enabling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Pono Capital Corp’s securities are quoted on the Nasdaq under the ticker symbols PONOU, PONO and PONOW.

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