Tuatara Capital Raises $93 Million for Cannabis Industry
First Harvest Financial
Investing, cannabis-community, medical-marijuana,
Tuatara Capital, a private-equity firm in New York, has raised $93 million to invest in the marijuana industry, according to the Wall Street Journal. This could be the largest amount of capital ever meant to be exclusively invested in the marijuana industry.
“Our understanding is that we have the largest pool of capital by fund and firm space,” said Al Foreman, one of Tuatara’s principal investors.
Foreman, along with partner and principal investor Mark Zittman, founded the firm in 2014 when they saw a need for directing investments toward marijuana companies and ancillary businesses. Tuatara, which focuses solely on the legal marijuana industry, raises most of its capital from high-net-worth people and families.
Though the majority of Tuatara’s money is coming from individual investors, Foreman explained that Tuatara attracts these individuals with the help of “quasi-institutional” investors, or professional investing acting as money managers for high-net-worth clients. Professionals have the marijuana industry on their radars.