New York firm raises $18.7 million for cannabis investments

Altitude Investment Management, a cannabis-focused investment firm in New York, raised $18.7 million for its debut fund, Altitude Investment Partners.

Altitude hopes to raise a total of $50 million for the new fund and in a news release called the $18.7 million raise a “significant milestone” towards that goal.

More than 50 investors contributed to the raise, according to the news release said. Altitude did not note the type of investors.

The company’s current portfolio consists of 11 plant-touching and ancillary companies, including BDS Analytics, Canndescent, Eyechronic, Flowhub, Front Range Bioscience, Green Flower Media, Privateer, The Green Organic Dutchman and Würk.

The Altitude fund is led by Wall Street veterans John Brecker, Jon Trauben, Michael Goldberg and Roderick Stephan.