Casa Verde Capital, the cannabis-focused investment firm co-founded by Calvin “Snoop Dogg” Broadus, has closed on $94.7 million during its second investment fund, according to a December 21 Securities and Exchange Commission filing by the firm.
The funding more than doubles the size of Casa Verde’s initial investment vehicle, which closed in 2018 with a $45 million fund, according to a TechCrunch report. The company’s portfolio is now worth at least $200 million and includes some of the industry’s most well-known brands, including Metrc, Leaflink, Eaze, and digital publication Merry Jane.
In July, Casa Verde Managing Director Karan Wadhera told TechCrunch that “four-plus months into COVID, cannabis has proved itself to be a non-cyclical industry.”
“Cannabis has been deemed an essential business everywhere across the U.S. We had record sales in March, April and May, and the trend has continued. And now that we are getting into an environment where governments are going to be looking for additional sources of tax revenue, the potential urgency around cannabis legalization is going to be there, which is going to be massively positive for the industry.” – Wadhara via TechCrunch
In July, amid the coronavirus pandemic, the firm invested $9.5 million into Proper – a company focused on “holistic” sleep solutions, including supplements and sleep coaching. A University of California, Davis study published in September found people across all age groups are suffering from “coronasomnia” – a decrease of sleep as the pandemic persists. Although Proper’s offerings do not include cannabis, anecdotal data and some preliminary research does show CBD may have therapeutic potential for insomnia treatment.
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