Cresco Capital Partners, a private equity investment firm focused on the legal cannabis market, has oversubscribed its CCP Fund II after raising $60 million.
“Surpassing our original goal of raising $50 million for CCP Fund II by almost 20 percent not only represents a significant milestone for Cresco Capital Partners, it serves to validate the leadership role we play in providing growth capital and advisory services to companies within the cannabis industry,” said Matthew Hawkins, managing principal of Cresco Capital Partners. “With the overwhelming success of CCP Fund II, we are preparing to begin marketing a third fund in which we hope to raise $200 million. This fund will continue to target investments in value-add opportunities in the legalized cannabis space.”
Cresco Capital Partners said that it has deployed approximately $22 million from the fund in 15 companies that operate across the cannabis supply chain, from genetics and breeding, to retail branding and distribution.
CCP Fund II’s portfolio includes companies such as Harborside/FLRish Inc., MJ Freeway, PROHBTD, NorCal Cannabis Company, Sunderstorm, Phylos Biosciences, Sublime, Cellibre, among others.
Founded in 2014, Cresco Capital Partners is focused on deploying capital in various geographies and sectors within the cannabis space through a combination of opportunistic equity, convertible notes and senior secured debt with warrant protection. Since its inception, the company said that it has deployed more than $50 million in 32 companies through its two investment funds and co-investment vehicles.