Former Blackrock exec to raise $250M to invest in pot businesses
Bloomberg reports that former Blackrock executive Chris Leavy is co-chairing a $250M private equity fund, MedMen Opportunity Fund II, aimed at investing in marijuana businesses.
The fund, specifically targeting companies that cultivate, manufacture and sell pot, is setting up shop in the U.S.'s most popular tourist destinations.
New York recently added chronic pain as a qualifying condition for medical marijuana. California's recreational market opens next year. Nevada approved it for adults in July and Canada plans to legalize it by next summer. Eight U.S. states have legalized recreational use and another 21 allow it for medicinal purposes.
According to Cowen & Co., the $6B legal cannabis market is expected to grow (no pun intended) to $50B by 2026.
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