JW Asset Management has quietly become one of the largest investors in the cannabis industry. It's now raising a pure-play cannabis fund.
An employee holds a test-tube as he works in the tissue culture laboratory of Pharmocann, an Israeli medical cannabis company in northern Israel January 24, 2019. Picture taken January 24, 2019.The fund is targeting approximately $50 million over the next six months, but will accept money each month, said Jason Klarreich, JW's CFO.
The cannabis fund will be managed by Wild, and Jason Klarreich, JW's chief financial officer, will be involved as the fund's CFO. While the fund will raise money each month — it'll be structured like a hybrid between a private equity and hedge fund — the fund is targeting approximately $50 million over the next six months.
JW's cannabis fund will be unique in that it's based within a wider fund with a healthcare and pharmaceutical focus, rather than in a firm set up specifically to target the industry.
While the fund will be focused on US opportunities, Wild said they and won't shy away from investing in Canadian companies. But they'll skip companies"heavily focused on cultivation," which Wild said has less dependable margins than retail and branding.
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