Green Acre Capital has held a final close for its inaugural cannabis fund, Green Acre Capital Fund I, with $25 million in committed capital.
Majority of the fund came from Canadian high net worth investors with lead commitments from W. Brett Wilson, co-founder of FirstEnergy Capital Corp, York Plains Investment Corp. and Aphria Inc. (TSX-V: APH; OTC: APHQF).
Green Acre Capital Fund I is focused on investing in Canadian growth-stage ancillary cannabis companies. Green Acre Capital Fund I and Aphria recently co-led a $3.86 million first close of Series B in Tokyo Smoke.
Green Acre Capital is led by Managing Directors, Matt Shalhoub and Tyler Stuart, and its board of advisors includes W. Brett Wilson, Shawn Dym, Managing Director of York Plains, Vic Neufeld, CEO and Chairman of Aphria, and Lorne Gertner, co-Founder of Tokyo Smoke and Cronos Group.
“We are pleased to be closing this fund having exceeded our initial fundraising target,” said Stuart. “In this time of unprecedented growth for the industry, we are well positioned to add to our ecosystem of cannabis investments.”
“Many entrepreneurs in this industry need more than just capital, and we plan to fill that void for our investee companies,” said Shalhoub. “Having our fundraising behind us will allow us to dedicate all of our time and attention to finding and supporting great companies and talented entrepreneurs.”
photo credit: Green Acre Capital