The MedMen Opportunity Fund, a private equity fund focused on North America’s legal cannabis industry, has raised $29.9 million from 44 investors since its first sale in June, according to a regulatory filing.
Accepting minimum investments of $25,000, the fund has a $100 million target. According to a company statement, it will pursue investments across a variety of regions and subsectors, and will own a portion of MedMen’s existing management company. MedMen has also partnered with Wicklow Capital, a private investment vehicle associated the co-founders of electronic trading company GETCO that is also invested in the medical marijuana industry, among others.
“The cannabis industry is very operationally intensive,” MedMen chief strategy officer Chris Ganan said in the statement. “There has yet to be a fund platform that combines proprietary access to diversified investment opportunities coupled with execution capabilities in the same vehicle, until now.”
Based in Los Angeles, MedMen offers services to licensed cultivation, extraction, production and retail operators in the North American cannabis industry. It also operates a dispensary in downtown Los Angeles and has begun construction on a 45,000 sq ft production and cultivation facility in Nevada.
“We pride ourselves on being the industry leader in bringing institutional business practices to the cannabis industry. That thesis continues with the formation of the fund, which provides an unprecedented opportunity to monetize the fastest-growing industry in the United States,” chief executive Adam Bierman said in the June statement.