Dallas-based marijuana investment firm Cresco Capital Partners and another private equity group are taking control of The Arcview Group, an MJ investment company in Oakland, California.
Cresco and New Jersey-based Trivergence Investments led a $7.7 million Series A funding for the acquisition.
Arcview functions through the membership of more than 600 accredited investors who are invited to invest in cannabis companies that apply to present to the Oakland firm’s staff and then go through a rigorous vetting process.
“This is more of an acquisition than an investment,” he added.“We bought control of the company,” Cresco managing partner Matt Hawkins told Marijuana Business Daily on Tuesday.
The $7.7 million funding, he said, includes purchasing stock in the privately owned Arcview, as well as capital to grow the company.
With the new backing, “we envision (Arcview) to become 3X to 5X from what it is now,” noted Hawkins, who said there are no plans to rename the firm.
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Cannabis firm Arcview gets $7.7 million funding, new ownership
