Cannabis Investors
An overview of the Cannabis funds and their portfolio companies
[note: this is a draft of something I am working on, it is to be updated]
Casa Verde Capital. Casa Verde can participate in all stages of the financing cycle, with a focus on investing in scalable, capital-efficient businesses, led by world-class entrepreneurs. Given the natural overlap across the value chain, Casa Verde’s portfolio companies frequently work together to help solve operational issues and also create significant value for the businesses involved.
Website: Casa Verde Capital
Founded: 2015, Currently investing out of Fund II
Team: Karan Wadhera (Managing Partner), Carter Lewis (Vice President), Tony Graham (Vice President), David Colton (Associate)
Total AUM: $350.00M ($45.0M Fund I, 2018), ($115.0M Fund II, 2021), Dry Powder $60.98M (Pitchbook)
Stage: Seed, Early Stage
Sector: Consumer Products and Services, Software, Healthcare, Financial Services
Typical Check Size: $2.5M–$15.0M
Portfolio Companies: Prelude, Frontier Risk, Sanity Group, Kompliant, Canasative Group, TSUMo Snacks (out of business), Vangst, Dutchie, Pistil Data, Endless West, AceCann, Delix, Surfside, Bespoke Financial (out of business), LEUNE, Proper Labs, Greenbits (acquired by Dutchie), Miss Grass, Indose, Cargocast (out of business), Metrc, GreenTank, Oxford Canabise (LSE: OCTP), Leaflink, Cannalysis (exited), Trellis (exited), Merry Jane, FunkSac, Eaze, El Capital Advisors
Recent Investments:
Prelude ($5.2M Seed, November 2023)
Frontier Risk ($3.1M Seed, August 2023)
Sanity Group ($37.5M Series B, September 2022)
Intrinsic Capital Partners is a private equity firm that focuses on life science and technology companies within the legal cannabinoid market. The firm employs institutional investment discipline and brings extensive operational experience to its investments.
Website: Intrinsic Capital Partners
Founded: 2016
Team: Led by a team of experienced investors and operators with a background in institutional investment management
Ross Desmarais, Partner
Howard Goodwin, Partner
Cornelius Merlini, Partner
Jerry Stahlecker, Partner
Total AUM: Not specified, but has a growth equity fund of $102 million​ (Home)
Stage: Growth equity
Sector: Life sciences, technology, and other sectors related to the legal cannabis and hemp industries
Portfolio Companies: Includes a variety of businesses across life sciences and technology, addressing unmet needs in the cannabis industry​ (Home)
Recent Investments:
Biopharmaceutical Research Company – Drug Discovery (August 2023)
Green Scientific Labs (Florida Operations) – Commercial Services (July 2023)
ACT LAB – Laboratory Services (Healthcare) (June 2023)
Rx Green Technologies – Agricultural Chemicals (May 2023)
NextEvo Naturals – Pharmaceuticals (April 2023)
Merida Capital Holdings: Merida Capital Holdings is a private equity firm focused on the cannabis industry's growth drivers, including cultivation technologies, pharmaceutical formulations, and recreational cannabis products. They invest in companies that have transitioned from startups to revenue-generating businesses, aiming to accelerate growth in these entities. Founded in 2016 and headquartered in Rye, NY, Merida manages $252 million across five funds and co-investments, with a portfolio of over 75 companies. The firm employs 19 professionals across North America, targeting investments in companies operating within the legalized cannabis market across the U.S. and internationally​ (PitchBook)​ (MeridaCap).
Website: Merida Capital Holdings
Founded: 2016
Team: Led by Co-Founder and Managing Partner Mitchell Baruchowitz, with key personnel like President Daisy Mellet and CFO Florinda Koka​ (PitchBook).
Total AUM: $252 million across five funds and co-investments​ (MeridaCap).
Stage: Growth and expansion of well-established companies
Sector: Cannabis cultivation, pharmaceuticals, recreational cannabis, and supporting services
Portfolio Companies: Includes over 75 companies such as Vella Bioscience, Materia Medica Processing, and Happy Cabbage Analytics​ (PitchBook)
Latest Investments (as of August 15, 2024):
Vella Bioscience: Manufacturer of an Innovation-led femtech company intended to revolutionize and elevate sexual wellness. The company creates clinically validated, patented products that address the unmet needs specific to women's bodies & their sexual fulfillment, enabling women to increase their arousal and ease of orgasm. The company raised an estimated $5.00 million of Seed-3 funding from Merida Capital Holdings and other undisclosed investors on April 17, 2023, putting the company's pre-money valuation at $40M.
Materia Medica Processing: Producer of tetrahydrocannabinol-free cannabidiol extract formulation derived from the hemp plant Italy designed to develop branded retail products. The company's CBD is made through a manufacturing process that has high concentrations of CBD while eliminating all psychoactive compounds, allowing a high concentration of cannabidiol and maintaining the entire spectrum of terpenes, ensuring customers receive organic products as per their requirements. The company received EUR 2.2 million of development capital from Merida Capital Holdings and Kairos Partners on October 13, 2022.
Happy Cabbage Analytics: Developer of a cannabis data analytics and insights platform intended to help clients refine communications, loyalty marketing and operations. The company's platform analyzes dispensary data to understand customer preferences and behavior and features customer targeting based on their buying habits, enabling clients to deliver customized and distinct marketing campaigns and promote their products. The company raised $600,000 of venture funding in the form of convertible promissory notes from undisclosed investors on February 27, 2024. Previously, the company raised $6.24 million of venture funding from Delta Emerald Ventures and other undisclosed investors on August 30, 2023. As a part of the transaction, $4.24 million was initially raised in the form of convertible and SAFE notes and subsequently converted to equity. The funds will be used to strengthen the company's lead in optimizing inventory and maximizing sell-through at retail.
Miss Grass: Operator of a cannabis brand intended to make products accessible and eradicate the stigma relating to it. The company offers an education-led online magazine and signature products with a curated online marketplace that includes a premium cannabis shop, through the lens of luxury and self-care and also educates on the history, culture, and science of the plant-all in the spirit of conscious consumption, enabling customers to access the products and information about the social and wellness uses of cannabis. The company raised $5 million of Series A venture funding from Merida Capital Holdings, Treehouse Global Ventures and Receptive Capital on August 19, 2022. Pres10 Ventures, Listen Ventures, and The Helm also participated in the round.
Foundry Works: Operator of a platform building the most impactful brands in cannabis intended for consumer wellbeing. The company's portfolio of brands is powered by innovation in its genetic, cultivation, manufacturing and technology programs. The company received an undisclosed amount of development capital from Merida Capital Holdings approximately in August 2022.
Entourage Effect Capital is a private equity and venture capital firm based in New York, focusing on investments in the cannabis and hemp industries. The firm combines financial acumen with industry expertise to support innovative companies in the legal cannabis market.
Website: Entourage Effect Capital
Founded: 2016
Team: Led by a team of professionals with extensive experience in finance and the cannabis sector.
Matthew Hawkins (Founder & Managing Partner)
Roman Stahl (Partner)
Tiffany Liff (Partner)
Dov Szapiro (Partner)
Andrew Sturner (Partner)
Total AUM: Not specified
Stage: Growth and early-stage venture capital
Sector: Cannabis, hemp, and related industries
Portfolio Companies: Includes a range of businesses within the cannabis and hemp sectors, such as cultivation, technology, and consumer products.
Recent Investments:
Tuatara Capital is a private equity and venture capital firm based in New York, specializing in investments within the cannabis and hemp industries. The firm focuses on early-stage and growth-stage investments in companies that are driving innovation in the legal cannabis market.
Website: Tuatara Capital
Founded: 2014
Team: Led by a team of experienced professionals with backgrounds in finance, cannabis, and business development.
Al Foreman, Partner
Marc Riiska, Partner
Sergey Sherman, Managing Director
Total AUM: Not specified
Stage: Early and growth-stage venture capital
Sector: Cannabis, hemp, and related industries
Portfolio Companies:
Long Play develops premium nationally scalable brands in partnership with artists. The Company has exclusive rights to use the Willie Nelson brand and owns various product lines, including Willie’s Reserve, Willie’s Remedy, and Willie’s Rescue
GreenDot Labs is an ultra-premium brand of cannabis products for the medical-use and social consumption markets
Slang Worldwide is leading global consumer packaged goods company with a robust portfolio of renowned cannabis brands. The Company is listed on the Canadian Securities Exchange under the ticker symbol SLNG and on the Frankfurt Stock Exchange under the trading symbol 84S
Weedmaps (through acquisition of Enlighten) is a leading retail technology company offering a suite of retail technologies for dispensaries including point-of-sale kiosks, customer royalty platforms, digital smart menus, sales data analytics and business intelligence
Recent Investments:
JW Asset Management is an investment management firm based in New York, specializing in the cannabis sector. The firm focuses on providing capital to high-growth companies in the legal cannabis and hemp markets, leveraging deep industry expertise and a strategic approach to drive value.
Website: JW Asset Management
Founded: 2013
Team: Composed of experienced investment professionals with a focus on the cannabis industry.
Jason Wild, Founder & Chief Investment Officer
Jason Klarreich, EVP, CFO
David Pykon, VP Trading & Operations
Sam Goldman, Analyst
Total AUM: Not specified
Stage: Growth and early-stage venture capital
Sector: Cannabis, hemp, and related industries
Portfolio Companies: Includes a variety of companies within the cannabis sector, spanning cultivation, production, and retail.
Recent Investments:
Navy Capital is a private equity and venture capital firm based in New York, focused on investments in the cannabis industry. The firm provides growth capital to companies in the legal cannabis and hemp markets, with a focus on scalable and innovative businesses.
Website: Navy Capital
Founded: 2014
Team: Led by a team of seasoned investment professionals with deep expertise in the cannabis sector.
Sean Stiefel, Founder & Managing Partner)
John Kaden, Executive Chairman
Chetan Gulati, Head of Research
Dennis Deng, Analyst
Mike Song, Analyst
Total AUM: Not specified
Stage: Growth and early-stage venture capital
Sector: Cannabis, hemp, and related industries
Portfolio Companies: Includes a range of companies across the cannabis industry, including cultivation, technology, and consumer products.
Recent Investments: