Cannabis Mid-Market Investment

Codie runs a $200M cannabis private equity fund that invests in established cannabis companies, focusing on an emerging market that others may be hesitant to enter due to stigma or uncertainty.

Key Points:

• Fund Structure:

  • $200M cannabis private equity fund with 5 partners
  • Target companies with $10-50M in revenue
  • 67 companies in portfolio, including 6 unicorns

• Notable Portfolio Companies:

  • GTI (Green Thumb Industries)
  • Acreage
  • Canopy Growth
  • Curaleaf

• Investment Strategy:

  • Focus on established companies rather than startups
  • Enter market early while others are hesitant
  • Look for opportunities where "smart people" haven't moved in yet
  • Target emerging markets others won't enter

• Market Approach:

  • Capitalize on being early to market
  • Focus on both psychoactive and medical benefits
  • Target areas like opioid replacement therapy
  • Leverage first-mover advantage while market is still developing