New Israeli-US investment fund for cannabis technology
A $30 million cannabis technology venture capital fund is under establishment by Jerusalem-based global investment platform OurCrowd and the 7thirty Opportunity Fund of Boulder, Colorado.
The new fund will invest in emerging companies involved in med-tech, ag-tech, retail, e-commerce, marketplaces, SaaS solutions, and deep-tech research related to cannabis. It will be headquartered in Boulder with activities in Israel, Canada and the United States.
OurCrowd CEO Jon Medved noted that Canada recently legalized cannabis nationwide and Israel is in the final stages of legalizing cannabis export. Approximately 95 percent of US citizens live in states where cannabis is legal for recreational and/or medical purposes. The United Kingdom legalized medical cannabis in 2018.
“The amount of serious medical research in cannabis is booming. This market will generate unprecedented global investment activity and returns for cannabis-focused startups,” Medved said. “Together with 7thirty, we plan to lead investments for serious companies that will pioneer technology for this important and growing market.”
The 7thirty Opportunity Fund is led by veteran cannabis technology investor Micah Tapman, formerly a cofounder at CanopyBoulder, where he led investments in some 90 cannabis-related companies. He was recently named one of 20 rising stars in the cannabis investment world by Business Insider.
Tapman said “Israel is a recognized leader and pioneer in cannabis technology, and OurCrowd has a demonstrated track record as a value-added investor. Together we plan to bring institutional discipline and rigor to the cannabis technology investment market.”
Original Article by 420intel