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The latest round of funding more than doubles Casa Verde’s debut fund, which closed at US$45 million. The Casa Verde portfolio is worth at least US$200 million, reports Tech Crunch, and the fund is predicting 30 per cent growth in its market estimates following cannabis legalization in Arizona, Montana, South Dakota and New Jersey, which is set to become the largest recreational market on the east coast.
Wadhera is also expecting a Biden administration to create a more positive regulatory environment for the country’s emerging cannabis markets.
“He has laid out many of the things that he wants, and [while] he isn’t taking it as far as full-scale legalization, he’s certainly in favour of full-scale decriminalization, [meaning] letting states have full authority over what happens with their businesses, and also the rescheduling of cannabis down from the current Schedule 1 level,” Wadhera told Tech Crunch.
Snoop Dogg isn’t the only cannabis entrepreneur who has been able to raise money despite the COVID-19 pandemic.
In July, Bruce Linton-backed Collective Growth raised US$150 million related to hemp and CBD opportunities, with an eye towards European markets.
“The best technology is in Europe,” Linton said. “Because they didn’t get around to banning hemp, they have the best in field and some small and medium-size companies doing really interesting things in hemp,” he added.
Written by Sam Riches.
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