Govan to Lead $100 Million Fund Spearheading Innovation and DE&I Initiatives
LOS ANGELES, (August 16, 2023) – Gloria Govan, trailblazing leader in cannabis and Founder/President of RLNTLSS Brands, today announced her appointment as General Partner of Alta II, a leading real estate lender committed to providing innovative and efficient financing solutions to the cannabis sector. In this role, Govan brings over a decade of experience and her commitment to DE&I and innovation to the forefront of the cannabis real estate lending market.
With a keen interest in cannabis sparked by her mother’s diagnosis with breast cancer in 2005, Gloria Govan has become a sought-after pioneer within the cannabis industry. Owning 13 vertically integrated licenses throughout Southern California, combined with her passion for modernizing and elevating the cannabis space for brands, vendors, and consumers, Govan has earned a reputation as a dynamic and forward-thinking leader. Through this partnership with Alta II, her goal is to increase access to financing for minority-owned cannabis businesses, particularly for companies that are owned by women of color.
“Cannabis is my passion and as a long-time entrepreneur working in the business, I know how challenging the barriers to entry can be for minorities and women,” said Gloria Govan, Founder of RLNTLSS Brands. “Identifying women and minority-owned businesses will be a goal for me as general partner and together with Alta II, I hope to pave the way for a more diverse and inclusive future in cannabis.”
Alta II, launching in 1Q24, is the second investment vehicle of Alta Real Estate Fund (“Alta”), a leading real estate lender that has exclusively serviced the cannabis industry since 2019. Together with Govan at the helm, the target $100 million dollar fund will be used to provide real estate financing for qualified cannabis businesses nationally, with an emphasis on increasing access to capital for minority and woman-owned cannabis businesses who have traditionally been overlooked and underfunded by investors in the space. As medical and adult-use legalization continues to spread across the United States, the cannabis industry is experiencing a surge in demand for production facilities, dispensaries, and other cannabis-related properties. However, since cannabis is still not legal at the federal level, it is nearly impossible to finance these property acquisitions through traditional sources like banks. This led Alta to emerge as a specialized real estate lender offering streamlined and innovative financing solutions tailored to the unique needs of the cannabis industry.
Understanding the unique needs and challenges of the industry, particularly the lack of access to institutional financing due to the continued federal prohibition of cannabis, Alta offers tailor-made solutions that allow operators to leverage their real estate assets for growth capital. Since its inception, Alta has invested over US$75 million across multiple transactions, generating impressive returns for Alta’s investors while giving cannabis companies in multiple states the funding they need to expand their businesses.
Alta prides itself on empowering and enabling cannabis companies to realize their full potential. With multiple financing structures including sale-leasebacks and senior secured term loans, Alta provides efficient access to capital for a historically underserved industry. As part of its commitment to enhancing diversity in the sector and de-stigmatizing cannabis use, Alta seeks to collaborate with entrepreneurs who share the same values.
“Alta has embraced and supported the cannabis industry for years, quickly becoming one of the top real estate lenders in the space. With the launch of Alta II, we will continue executing our mission of providing growth capital to cannabis companies through real estate. As a minority-owned fund manager, we look forward to Gloria joining our team to reaffirm our commitment to diversity, equality, and inclusion in our underwriting and investment practices,” said Jade Green, General Partner of Alta and Alta II.
RLNTLSS Brands is a full-service brand and management cannabis agency that was founded in 2013 by Gloria Govan. The Los Angeles-based company serves as a partner in celebrity brands, retail collaborations, and business development within and beyond the cannabis industry. Celebrity brands and clients include Whoopi Goldberg, Gary Payton, Derek Fisher, and Freeway Rick Ross.
About Alta & Alta II
Alta is a leading real estate lender that provides capital to regulated cannabis companies throughout the United States. Since its inception in 2019, Alta has raised and deployed over $75mm in private capital, exceeding its original target of $50mm. Alta II, launching in 1Q24 and raising $100mm, will target retail and industrial properties that are operated by creditworthy cannabis companies at all points in the supply chain.