Poseidon aims to raise up to $150M for new cannabis fund

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Poseidon Asset Management – a San Francisco-based investment company focused on the cannabis industry – has launched a second fund with the goal of raising $100 million to $150 million from investors.

If Poseidon achieves that goal, the investment fund would be one of the largest in the marijuana industry. The company did not detail the types of businesses it will invest in.

According to a company news release, Poseidon has made two new hires connected to the new fund:

  • Tad Henderson, who takes the role of managing director
  • Andrew Roche, who will be an investment analyst

Henderson most recently worked as chief operating officer of Calstar, an air ambulance operator in Sacramento, and has also worked as a debt transaction specialist in New York and San Francisco.

He will be responsible for capital raising and management of portfolio companies and – working with firm principals Emily and Morgan Paxhia – will also help select investments for the new fund.

Roche, a CPA, joins Poseidon from Deloitte, where he was an auditor. As an investment analyst, Roche will perform due diligence on investment opportunities and help build out Poseidon’s proprietary investment data platform.

Poseidon launched its first fund in 2013.

According to its website, Poseidon has invested in 103 cannabis companies, including growers, dispensaries, technology firms and hemp businesses. The firm did not disclose the value of those investments.