New York, New York – June 6, 2019 – PRESS RELEASE – Cresco Capital Partners, a private equity investment firm focused solely on making strategic investments in the legal cannabis market, has announced the closing of an oversubscribed $60 million fund (CCP Fund II). Since inception in 2014, Cresco has raised more than $85 million in its two funds as well as a series of co-investments.
“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 both plant touching and non-plant touching.”
Cresco Capital Partners has deployed approximately $22 million to date from Fund II in 15 companies that operate across the cannabis supply chain, from genetics and breeding, to retail branding and distribution. CCP Fund II’s diverse portfolio includes companies such as Harborside/FLRish Inc., MJ Freeway, PROHBTD, NorCal Cannabis Company, Sunderstorm, Phylos Biosciences, Sublime, Cellibre, among others. To date, Cresco has achieved seven exits across its two existing funds including major companies such as Acreage, Green Thumb Industries (GTI), Ebbu and Form Factory.