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.