Cresco Managing Partner Matt Hawkins said the firm has raised $10 million to date, attracting investment dollars from wealthy family offices in Dallas, according to the Dallas Business Journal.
The publication noted the fund’s launch coincides with the January rollout of California’s legal recreational marijuana program.
In fact, the new fund’s first investment targeted the Golden State.
Oakland-based FLRish recently closed a $5 million equity financing deal as part of a $6.5 million Series A funding round led by Cresco. FLRish manages Harborside’s Bay Area dispensaries and a large cultivation facility in California.
Cresco kicked in $3.7 million as part of the investment.
According to the company’s website, the firm has invested more than $25 million in the cannabis industry since 2014.
It structures its investments through a combination of opportunistic equity, convertible notes and senior secured debt with warrant protection.