StarGreen Capital – a new subsidiary of a Southern California-based real estate investment firm – said Tuesday it plans to invest $100 million in California’s medical and recreational marijuana industries over the next year.
StarGreen Capital, a unit of Beverly Hills-based Starpoint Properties, said in a news release it will focus initially on working with cultivators, manufacturers and retailers. The company’s plan: buy, develop and lease real estate, expand operations and build cannabis consumer brands.
“We see tremendous opportunities for growth in the next 12 months,” Paul Daneshrad, CEO of both StarGreen and StarPoint, said in in the news release.
“Our focus is to invest $100 million in real estate and joint ventures over the next year to help cannabis entrepreneurs in every segment of the industry capitalize on this generational opportunity.”
Stargreen Capital’s parent, StarPoint, invests in commercial and multi-family properties in California, Colorado, Florida, Texas and Washington state. StarPoint said on its website it has acquired commercial and residential properties worth a total of more than $1 billion since the company was launched in 1995. The company said its current real estate portfolio totals $800 million.