Canadian firm invests $20 million in Michigan ancillary marijuana company

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Toronto-based Sol Global Investments entered the Michigan medical marijuana market through a $20 million investment in a company that provides financing and support services to MMJ operators in the state.

Sol, a diversified investment and private equity firm that also targets high-growth marijuana markets, said it acquired 1.4 million units of Common C Holdings, a Michigan-based limited partnership.

Common C, which was formed in 2018, provides financing, real estate support, intellectual property licensing work and professional services such as accounting to licensed marijuana operators in Michigan.

“We reviewed a number of Michigan opportunities over the last 24 months knowing it was a state we wanted to be in,” Sol Global CEO Andy DeFrancesco said in a news release.

“Common C Holdings is the perfect fit for our portfolio.”

Sol also has a stake in the Illinois-based multistate operator Verano Holdings and an indirect interest in Chicago-based Cresco Labs, among other cannabis-related holdings, according to regulatory filings.

Sol Global trades on the Canadian Securities Exchange as SOL.