Casa Verde Capital, the cannabis investment company co-founded by Calvin Snoop Dogg Broadus, has closed its second $94.7 million investment fund, the company announced on Dec. 21 at the Securities and Exchange Commission.
The funding is more than twice the size of Casa Verde’s original investment vehicle, which closed in 2018 with a $45 million fund, according to a TechCrunch report. The company’s portfolio is currently worth at least $200 million and includes some of the best-known brands in the industry, including Metrc, Leaflink, Eaze and Merry Jane digital publishing.
Casa Verde CEO Karan Wadhera told TechCrunch in July that cannabis had established itself as a non-cyclical industry more than four months before COVID.
Cannabis was considered a major trade throughout the United States. We had record sales in March, April and May and this trend has continued. And as we enter a climate where governments will be looking for additional sources of tax revenue, the potential urgency around the legalization of cannabis will be there, which will have a large positive impact on the sector. – Wadhara via TechCrunch
In July, in the context of the coronavirus pandemic, the company invested $9.5 million in Proper, a company that specializes in holistic sleep solutions, including nutritional supplements and sleep support. A study published in September by the University of California at Davis found that people of all ages suffer from coronasomnia – a decrease in sleep as the pandemic progresses. Although Proper’s offering does not contain cannabis, anecdotal evidence and some preliminary research suggest that CBD may have therapeutic potential for treating insomnia.
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