Cannabis-focused Merida Capital Partners announced a number of developments, including the launch of its third fund, opening a new office in Canada and expanding its team with three new hires.
Merida's third $200 million fund will focus on concentrated, high conviction investments in leading companies in the cannabis industry. The fund said it has more than $125 million under management.
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In addition, as part of its international expansion, Merida has opened an office in Toronto that will work with its flagship office in New York and satellite offices in San Francisco and Bethesda, Maryland.
Merida also expanded its management team to 19, by hiring Dr. Deb Kimless as Chief Scientific Officer, Matthew Bartlett as West Coast Operating Partner, and David Lubotta joined the fund in the partner role and will be overseeing the fund's operations from the new Toronto office. All new hires have extensive backgrounds in the cannabis industry.
Merida Capital Management was founded in late 2016 and has deployed nearly $80 million across its first two funds. The fund invested in a number of companies that went public, such as GrowGeneration Corp GRWG, Vireo Health International VREOF and KushCo Holdings Inc KSHB.
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