Altitude Investment Archives - Green Market Report

Video StaffVideo StaffApril 13, 2018

4min11880

The big news this week is that former Speaker of the House John Boehner and former Massachusetts Governor Bill Weld have joined the board at the up & coming Acreage Holdings. The company was formerly known as High Street Capital and initially got into the cannabis industry to make investments. It has pivoted from investor to owner and now has ownership of properties in 11 states. The company focuses on medical marijuana but expects to transition to adult-use as legality permits.

Raising Capital

Altitude Investment Management raised  $18.7 million in capital from more than 50 investors for its fund Altitude Investment Partners, which invests in a range of early-stage to growth companies in the emerging legal cannabis industry. This is a major step toward the $50 million target the firm has set for the next 11 months.  

Cannabis workforce software company Wurk announced that it has raised $3.2 million in a bridge funding round. The funding round included participation from both new and returning investors, including Poseidon Asset Management, which led the round, as well as Phyto Partners, Altitude Investment Partners, Arcview Investor Network and Arcadian Fund.

Palo Alto-based cannabis-infused edibles brand Plus Products closed an approximately $6M in Series B financing to expand its operations. The money from the capital raise will be used to fund rapid production expansion, factory automation, working capital, and new product development.

Acquisitions

Cannabis Wheaton Income Corp. (CWBTF) acquired Canadian private cannabis company Robinson’s Cannabis Incorporated in an all-stock deal. Cannabis Wheaton will acquire all of Robinson’s issued and outstanding shares.

Kush Bottles (KSHB) entered into a merger agreement to acquire Summit Innovations, a leading distributor of hydrocarbons.  This acquisition marks Kush Bottles’ entry into a new business vertical supplying gas to cannabis extractors that turn cannabis plants into oils. Kush also reported its second-quarter earnings with revenue rising 249% and gross profits increasing 270%. Still, the company’s expenses were more than the profits and so they ended up reporting a loss of almost a million dollars.


Tabitha ClayTabitha ClayApril 11, 2018
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3min21070

New York-based Altitude Investment Management, LLC, announced a major funding milestone today raising $18.7 million in capital from more than 50 investors for its fund Altitude Investment Partners, which invests in a range of early-stage to growth companies in the emerging legal cannabis industry. This is a major step toward the $50 million target the firm has set for the next 11 months.  

Principals at Altitude have invested more than $4 billion in the alternative investment space, and have been investing in legal cannabis for the last two years.  Led by John Brecker, Jon Trauben, Michael Goldberg, and Roderick Stephan, Altitude has already proven to be a major player in the cannabis industry.

“According to research published by Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016. The market is forecast to grow at a CAGR of 21.1% between 2017 and 2024 while reaching a value of $63.5 billion in global sales in 2024,” said John Brecker. “There is a huge existing customer base for medical and adult usage, yet decades of federal prohibition have kept dominant companies and institutional capital from owning this industry. This lack of institutional capital being invested in the cannabis industry creates a tremendous opportunity for our investors. Additionally, the operators of successful companies are now migrating toward working within the cannabis industry creating an unparalleled opportunity for investors.”

The fund’s current investment portfolio includes 11 cannabis companies including BDS Analytics, Eyechronic, Flowhub, Front Range Bioscience, Green Flower Media, Privateer, The Green Organic Dutchman, Würk, and Canndescent, which recently closed a $10M series B offering. The $18.7 million announced today will be used to continue to invest in the global cannabis industry.

“We are delighted to announce this initial capital raise as we continue to invest in this exciting and opportunistic industry,” said Jon Trauben. “Over the past two years, the partners of Altitude have invested in a diverse set of companies that span the breadth of the cannabis industry. We have a unique portfolio strategy that focuses on companies with strong management teams and scalable systems that meet the highest regulatory and compliance standards that will be foundational to the industry. These companies are building recognized and leading products, brands and services that have strong customer loyalty, sticky customer relationships, niche industry expertise, and tailored solutions for a highly regulated industry.”



About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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