Israel-Based OurCrowd, 7thirty Partner To Create $30M Cannabis Tech VC Fund
Israeli investment platform OurCrowd has partnered with the cannabis-focused early stage growth equity fund 7thirty to create a global cannabis technology venture capital fund.
The new fund created by OurCrowd and 7thirty will be based in Boulder, Colorado with $30 million in assets under management. It will focus on cannabis technology companies in medtech, agtech, retail, e-commerce, marketplaces, SaaS solutions and deep-tech research. The fund aims to have a global presence and plans to invest in companies from Israel, Canada and the U.S.
Why It's Important
Cannabis is enjoying strong growth across the world, as more countries legalize medicinal or recreational use or allow cultivation and processing of industrial hemp.
Last year, Canada fully legalized cannabis.
In the US, 33 states, Washington, D.C. and the territories of Guam, Puerto Rico, the Northern Mariana Islands and the U.S. Virgin Islands have legalized medical weed. Ten states allow adult-use cannabis. The passage of the Farm Bill in December legalized industrial hemp on a federal level.
In Israel, medical weed and hemp are legal and the country is about to allow cannabis exports.
In this way, the three countries are well-positioned to be leaders in the cannabis space, which in turn creates a favorable environment for companies to invest in cannabis technologies — giving
investors have the opportunity to take advantage of the growth.
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