New $102 million equity fund targets ancillary cannabis businesses



NEWS BRIEF










Pennsylvania-based Intrinsic Capital Partners said it raised $102 million in a fund that will invest in science and technology businesses focused on the legal marijuana and hemp industries.

“We believe this is . . . a rare opportunity to invest in a space where there’s tremendous underlying demand, a strong industrywide growth profile and scarcity of capital,” Howard Goodwin, one of Intrinsic’s three founders, said in a news release.

Intrinsic said it has committed $65 million of the equity fund, Intrinsic Health Partners, to four companies and plans to invest in two or three additional companies.

The companies the fund is investing in are:

  1. ACT Laboratories, a rapidly growing Michigan-based cannabis testing company.
  2. Treez, a California-based firm that provides point-of-sale software to marijuana retailers.
  3. Hound Labs, a California maker of marijuana and alcohol breathalyzer technology.
  4. Elemental Brand, a Pennsylvania-based provider of hemp-derived consumer health-care technologies.

The firm’s advisory board includes veteran executives from Big Pharma, consumer packaged goods companies, technology and consumer health care.





Source link

We will be happy to hear your thoughts

Leave a reply