By this time next year, a Beverly Hills-based firm says it will have invested at least $100 million into legal cannabis ventures in California.
StarGreen Capital plans to spread that $100 million between 15 to 25 startup or growing marijuana businesses, according to firm CEO Paul Daneshrad. The goal is to help those companies overcome persistent challenges the industry faces in accessing capital and real estate, and to help those businesses stay competitive as the Golden State’s cannabis market explodes.
“Our strategy is really to help grow the industry,” Daneshrad said.
News of the StarGreen Capital pledge came on the same day that Florida attorney John Morgan also committed to invest $100 million in legal cannabis.
If those pledges come to fruition, Troy Dayton, CEO of the industry research firm The Arcview Group, said it would put both StarGreen Capital and Morgan among the top five largest investors in the cannabis industry.