WEED STARTUPS: High Times Magazine Is Launching A Private Equity Fund For Marijuana Businesses
Uriel Sinai/Getty Images
HT Growth Fund hopes to raise $100 million over the next two years, the Post reported.
Led by Michael Kennedy, general counsel and director for High Times, and Michael Safir, High Times' business manager, the fund hopes to make investments in companies from $2 million to $5 million.
This is obviously good news for businesses affiliated with marijuana, as it can be tougher to get small business loans or even have bank accounts.
"We have a deep and detailed knowledge of the needs and wants of the cannabis industry," the firm writes on its website. "The team at the HTG Fund have a combined 70 years of experience related to all things cannabis, which allows us to use our historical knowledge to forsee the future."
As Walt Hickey previously reported:
The Colorado marijuana industry - which is responsible for thousands of new jobs, and is projected to raise $130 million in taxes for the state next year alone - has accomplished something not seen in this nation since the passage of the 21st Amendment.
"What we are looking to do is provide capital and credit to companies that are established and have grown and reached their potential as much as they can without access to traditional capital markets," Michael Safir told Denver Post.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Markets rebound sharply on buying in bank stocks firm global trends
- Bengaluru's rental income highest in Q1-2024, Mumbai next: Anarock report
- Rupee falls 10 paise to settle at 83.48 against US dollar
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market