Market Overview

Merida Capital Partners Launches $200MM Third Fund; Crosses $125MM in Assets Under Management; Announces New Toronto Office and Three Key Hires

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Merida
Capital Partners
(Merida), a cannabis-focused private equity fund,
has launched its $200MM third fund, which will focus on concentrated,
high conviction investments in leading companies in the cannabis
ecosystem. Since launching its first fund in late 2016, Merida has
deployed nearly $80MM across the firm's first two funds and now has more
than $125MM under management. Though only two years old, Merida has
accelerated liquidity within its portfolio of 25 investments through
public listings for GrowGeneration,
Vireo
Health
and CB2
Insights
as well as leading investments in public companies KushCo
Holdings
and Freedom
Leaf Health
.

Merida also announced the expansion of its international operations,
opening an office in Toronto, Canada to go with its New York flagship
office and satellite offices in San Francisco and Bethesda, Maryland. In
addition, the firm announced the expansion of its team with three new
key hires, which brings the firm's total employee count to 19.

Mitch Baruchowitz, Merida Capital Partners Managing Partner, commented:
"As Merida transitions to our third fund, we continue to define our
thesis through the depth of our information gathering and synthesis, our
focus on ecosystem connectivity, portfolio company governance and
identifying opportunities that offer asymmetric upside returns to our
investors. Through the knowledge gained from investments made in Funds I
and II, our incredible team of investment professionals will continue to
implement our strategy of risk-mitigated investments in leading
companies throughout the cannabis industry."

Merida's new hires include:

Dr. Deb Kimless, Chief Scientific Officer

Dr. Deb Kimless, an expert on cannabinoid research and cannabis-based
medicines, has joined Merida as its Chief Scientific Officer, overseeing
Merida's research efforts as well as identifying opportunities in the
life sciences and biotechnology verticals. Dr. Kimless is a
board-certified anesthesiologist with a subspecialty in pain management
and holds a B.S. in Natural Sciences and Biology from Muhlenberg College
and a MD from Rutgers University.

Matthew Bartlett, West Coast Operating Partner

Matthew Bartlett recently joined Merida as its West Coast Operating
Partner responsible for overseeing Merida's portfolio of consumer
products companies. Bartlett most recently founded Garden Society, a
boutique Sonoma County based cannabis operator. He previously managed
global logistics and supply chain for Costco's Kirkland Wine & Spirits,
along with and several multi-nationally distributed Napa, Sonoma and
California premium and luxury wine brands. Matt also established the
Wine Division for Bank of Marin (NASDAQ:BMRC); was Vice President at
American AgCredit, a part of the National Farm Credit System; and was a
Vice President and Regional Manager in Capital Markets Finance for HSBC.

David Lubotta, Partner

David Lubotta has joined Merida as a Partner and will oversee Merida's
Canadian efforts from its new Toronto office. David brings 25 years of
Canadian institutional finance experience to Merida, including
participation in numerous financings and M&A transactions in cannabis
companies such as: Green Therapeutics, Nutritional High, Green Rush,
Emerald Family Farms, and Xanthic Biopharma Inc., which was recently
purchased by Green Growth Brands. David holds an MBA from Northwestern
Kellogg School of Management.

Danny Moses, Merida Capital Partners Investment Committee Member
commented: "Having met the Merida team shortly after the launch of Fund
I, I have been able to watch Merida thoughtfully navigate the challenges
of the cannabis industry as both an investor and a member of Merida's
Investment Committee. The amount of research and diligence performed on
both potential and current investments, including deal structure and
corporate governance, is where Merida truly excels. I am excited to
continue my work on the Investment Committee with the rapidly growing
team as they launch Fund III."

About Merida Capital Partners

Merida Capital Partners is a private equity firm targeting fundamental
growth drivers which accelerate the rapid development of the cannabis
and hemp industries. The firm's motto, Responsible Investing in the
Cannabis Ecosystem,
highlights its focus on cultivation
technologies, products and services associated with the evolution of
cannabis and hemp as agricultural products, plant-based medicines,
constituents in pharmaceutical formulations and recreational consumer
products. For more information, please visit www.meridacap.com
or follow us on twitter @meridacap.

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