Led · Equity · Jan 2022

Humble & Fume is a Canadian cannabis distributor focused on product distribution and market entry. The company has partnered with Green Acre Capital and Johnson Brothers to create a joint venture to launch distribution efforts in California. It executed an $8 million private placement that included 18,795,471 common shares at C$0.53 per share to fund U.S. expansion. A letter of intent contemplates an additional $2 million investment and a further $10 million in non‑dilutive capital to bring Green Acre's JV interest to 50%. Johnson Brothers provided an $8 million option agreement that funded the private placement and holds the right to acquire the joint venture once federal legalization allows equity investment without affecting its alcohol licenses. Humble & Fume recently appointed Jakob Ripshtein as chairman, bringing experience from Perennial Brands, Aprhia (now Tilray), and Diageo Canada to its U.S. strategy.

Led · Series A · Oct 2021

Claybourne Co. is a Southern California cannabis cultivator, breeder and retail brand founded in 2017 and based in the Inland Empire. The company offers a broad portfolio of flower, pre-roll and concentrate products and is described in the article as one of California’s largest flower brands by retail sales volume. Claybourne sells through independent retailers and directly delivers into underserved “pot deserts” where local retail access is limited. The company emphasizes hands‑on breeding and strict cultivation standards, with attention to each step of the production process. To support expansion and efficiency, Claybourne upgraded its Perris cultivation and distribution facility with new racking, lighting and HVAC equipment to triple canopy square footage and reduce production costs. Leadership includes CEO Nick Ortega, VP of Breeding and Cultivation Brent Barnes, and VP of Marketing Jonathan Griffith. Claybourne is a market-leading cannabis breeder, cultivator and retail brand known for a broad line of flower, pre-rolls and concentrates sold through independent retailers. The company credits rapid product development in the flower space, lean operations and science-based breeding and cultivation for its growth. According to Headset, Claybourne ranked #3 flower brand in California by retail sales and #12 brand overall year-to-date in 2021. Founded in 2017 and originally self-funded with roughly $3 million, the company reports rapid revenue and profit growth in the California market. The new capital will fund a 45,000 sq. ft. state-of-the-art cultivation facility in Perris, California, expedite proprietary genetics and support national expansion into promising out-of-state markets. Product investment will prioritize expanding the Claybourne Flyers™ pre-roll line and Claybourne Eagle Extracts™ concentrates.

Led · Series C · Sep 2019

Canndescent is a Santa Barbara, Calif.-based cultivator of premium cannabis led by CEO Adrian Sedlin. The company sells flower under the Calm, Cruise, Create, Connect and Charge labels and operates two brand tiers: Canndescent (ultra-premium) and goodbrands (middle market). It has launched its brands into other product categories including vapes and ingestibles and into additional geographies. Consumers can currently purchase its products in California and Nevada. Canndescent raised $27.5M in a Series C financing to support growth. The company plans to use the proceeds to expand into vapes and ingestibles, grow in Massachusetts, Nevada, Canada and beyond, and deepen investments in both of its brands. Canndescent is a Santa Barbara-based cannabis cultivator that grows and markets premium flower for the adult-use market. Led by CEO Adrian Sedlin, the company applies practices from consumer-packaged goods, advanced agriculture and luxury lifestyle marketing. It opened a municipally-permitted cultivation facility in 2016 and launched a premium flower brand in California in 2017. It is now opening a second facility, quadrupling its production to 48,000 square feet, and plans to expand production presence to over 100,000 square feet. Consumers can purchase Canndescent products at dispensaries and delivery services throughout California. The company raised $10m in Series B funding to finance new product launches and further expand production capacity. Canndescent cultivates and markets a branded line of premium cannabis flower produced, packaged and distributed in accordance with state and local laws. The company closed a $6.5M seed funding round to support its operations. It intends to use the proceeds for working capital, marketing, and additional property, plant and equipment. Canndescent planned to open a facility in Desert Hot Springs, CA the following month, operating under a municipally issued conditional use permit specifically for cultivation. The business emphasizes compliant, packaged flower as its core product while expanding cultivation capacity and market presence.

Participated · Series A · Apr 2019

Founded in 2016, Greentank designs and manufactures vaporization hardware and heating technology for cannabis and nicotine vaping devices. Its flagship product, the Quantum Chip, is a proprietary heating technology intended to replace ceramic coils and was largely developed with funds from its 2023 Series B. The company has partnered with AIR Global (including on a 2023 device called Vant) and recently hired Chris Gemmell as chief product and innovation officer. Greentank is preparing a Pre-Market Tobacco Application (PMTA) for the U.S. FDA, and the recent strategic investment includes supply assurances important to that process. To date the company has raised about $56 million USD in total capital.

Participated · Seed · Sep 2018

Trait Biosciences, based in Santa Fe, NM, develops technologies that transform water-insoluble cannabinoids into water-soluble materials. The company says its new ingredients deliver unique benefits to multiple end-use consumer products. Trait expects a 1Q 2024 launch of its first-generation water-soluble CBD. It closed a financing round of undisclosed size led by Btomorrow Ventures (the corporate venture capital arm of BAT) and Gotham Green Partners. The company intends to use the funds for development and commercialization efforts and to support partnerships with contract manufacturers and go-to-market partners. Trait Biosciences is focused on developing technologies to enable the production of CBD products, including its proprietary 2XGLY Water Soluble Cannabinoid technology. The company holds more than 90 active patent applications focused on innovative cannabinoid technology. Trait’s first-to-market product that enables marketplace CBD extract to be converted into a water-soluble cannabinoid extract was slated to launch in 2022. It is also developing an IP portfolio in biomolecular plant transformation technology designed to improve minor cannabinoid productivity in plants and strengthen overall crop yield for hemp cultivators. The company is led by CEO Peter McDonough and is based in Vancouver, BC. Trait raised C$31M in a Series A financing that included new cash and the conversion of existing company debt to accelerate R&D and commercialize its water-soluble technology. Trait Biosciences is developing a proprietary fermentation process to convert fat‑soluble cannabinoids into water‑soluble molecules that improve onset time, bioavailability, flavor and shelf life without relying on nanotechnology. The company targets beverages initially and intends to be a branded ingredient provider to existing producers. Its Producer Division is also developing ultra‑high yield “Super Producer” plants and RNAi‑based plant protection to reduce toxins without pesticides. The conversion process currently takes about 48 hours and attaches a sugar moiety, which the team says improves taste and stability. The recent financing will fund R&D, expand the scientific team, and establish a state‑of‑the‑art research facility. Management expects at least one year of runway from the raise and plans to seek further funding ahead of a public listing tentatively planned for 2019.