Salveo Capital portfolio company Treez named a key player in a new business intelligence report released by HTF MI with title “Global Cannabis Retail POS Software Market Report 2019”.
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“[Farmers] need to use seeds and young plants that will adapt to a specific region, climate and utilize as little excess resources as possible,” Jonathan Vaught, CEO and co-founder of Front Range Biosciences, a Salveo Capital portfolio company. The Lafayette-based agricultural biotech company serves coffee, hemp and cannabis producers. The company uses technology to improve plant breeding, eliminate pests and abolish plant diseases.
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Eighteen months ago, Salveo Capital portfolio company Ascend Wellness Holdings didn’t exist, but already it is executing on an aggressive limited license market strategy and taking a different approach than many early mover MSOs. Founder and CEO Abner Kurtin spoke with New Cannabis Ventures about the company’s strategy to become a top player, the ramp-up of its operations and plans for a potential public listing.
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KelSie Biotech (Salveo Capital portfolio company): Series A Funding and Explosive Growth Propels New Products, New Geography
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“This is so gratifying—for the third time in the past year our concentrates have won recognition from aficionados and experts in the industry,” said Elizabeth Cooke, Co-Founder and President of Salveo Capital portfolio company Coda Signature. “As the Coda Signature brand expands from its origins in luxury edibles into topicals and concentrates, these awards prove we’re fulfilling our brand promise of bringing customers best-quality cannabis products, no matter the category.”
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“As the Coda Signature brand expands into California, the world’s biggest legal cannabis market, I look forward to sharing with my colleagues lessons I’ve learned about how to create a solid foundation for a cannabis brand that will endure,” said Mr. Grindeland, CEO of the Salveo Capital portfolio company.
Mr. Grindeland was recognized as one of the top 10 MVPs in the cannabis industry at the 2018 Cannabis Business Awards presented by Clover Leaf University, and the company received the 2019 NCIA Excellence in Innovation Award for Infused Products and Extractions at the Boston Seed-to-Sale Show earlier this year.
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Green Market Report has compiled a list of some of the largest Multi-State Operators (MSO’s) in the country, and Salveo Capital portfolio company Wurk is proud to be supporting 5 of the 12 included in this list. As the cannabis industry rapidly progresses, Wurk has helped MSO's successfully navigate numerous mergers and acquisitions by effectively supporting massive workforce growth.
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PathogenDx, Inc., a Salveo Capital portfolio company which provides a DNA-based pathogen testing platform for the cannabis, hemp, agriculture and food safety industries announced that they have entered into a strategic partnership with Nationwide Laboratory Services/The Hayes Division, a national medical lab testing company, to deploy PathogenDx's proprietary microarray technology for rapid strain identification in the dermatological and podiatric fungal testing industry.
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Curaleaf, a leading vertically integrated cannabis operator in the United States, announced it has signed a definitive agreement to acquire Grassroots, a Salveo Capital portfolio company and the largest private vertically-integrated multi-state operator, in a cash and stock deal valued at approximately $875 million. This transaction solidifies Curaleaf's position as the world's largest cannabis company by revenue and the largest in the U.S. across key operating metrics. Grassroots has a leading presence in large markets in which Curaleaf presently does not operate, including Illinois, which in June became the 11th state to legalize adult-use cannabis.
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Salveo Capital portfolio company SC Labs mentioned as a prominent industry player involved in global cannabis testing, a market set to rise from US$ 1 billion in 2018 to around USD 2 billion by 2025.
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“We are excited to team up with AWH (Ascend, a Salveo Capital portfolio company) again as their long-term real estate partner in Michigan,” said Paul Smithers, President and Chief Executive Officer of IIP. “AWH is very well-positioned, with a strong management team and balance sheet, as it ramps up its operations in Massachusetts, Illinois, Michigan and Ohio, each of which presents a tremendous market opportunity. We look forward to supporting their continued growth and success for many years to come.”
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“As we see states adopting medical marijuana legislation, people are starting to see the benefits of it,” said Talley Wettlaufer, VP of retail for Grassroots, a Salveo Capital portfolio company. “For people suffering from any number of ailments, it’s a relief for them. Wellness and feeling better is invaluable. I think states are trying to help, and their residents have a better quality of life because of it.”
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Longstanding Bay Area Cannabis Company and Salveo Capital Portfolio Company, Harborside, Receives 3rd Place in Best Edibles Category for Their In-House Brand Red Berry Fruit Jellies, Plus Apex + Harborside Farms Receive Awards for Collaborative Products
Cannabis technology firms are an increasingly important niche within the industry, observes another BI report. Since cannabis tech firms do not grow, process, distribute, or sell cannabis products themselves, they technically do not violate U.S. federal controlled substance laws.
Cannabis tech firms include Salveo Capital portfolio companies Headset and Treez. Headset has deals with accounting and consulting firm Deloitte, as well as market research company Nielsen, to provide data analytics regarding the cannabis industry to leading packaged goods companies. Treez designs software for cannabis retailers.
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CEO and Co-Founder of Salveo Capital portfolio company PathogenDx, Milan Patel, said "PathogenDx's agreement with Zef Scientific offers the Canadian Cannabis market new access to ultra-rapid turnaround times for microbial testing. We know that the Canadian market has had supply challenges due to important regulatory mandates to protect patient and recreational consumer safety. This partnership will offer Canadian growers, retailers, distributors and regulators the chance to shorten testing and approval times with greater precision, while getting better and safer products to market faster for Canadian patients and consumers."
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Since launching in 2016, Illinois-based Salveo Capital has invested in more than a dozen companies across cannabis sectors, from biotech and tech startups to multistate operators. By the third quarter, the Salveo team expects to launch its second fund, targeted at $100 million, and build off the investment focus and strategies set in motion with fund one. Managing partners Jeffrey Howard and Michael Gruber shared their investment insights and top strategies with Marijuana Business Magazine.
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Salveo Capital Portfolio Advisor Tom Mazarakis joins finance veterans who’ve transitioned to cannabis to share insights on rounding up funding and doing business in an emerging industry.
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“We are pleased with our inclusion in the Horizons US Marijuana Index,” said Mark Scatterday, Chairman and Interim CEO of Salveo Capital portfolio company TILT Holdings. “This inclusion is yet another milestone toward our efforts to create long-term shareholder value by providing broader exposure and increased visibility across the investment community, including a better understanding of our highly differentiated business model, comprehensive products and services and the value of our assets.”
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Headset, a Salveo Capital portfolio company, has struck strategic alliances with companies like Deloitte, Nielsen and Cowen to offer them and their clients best-in-class recreational cannabis market intelligence. It is a big validation for Headset’s mission and the quality of the company’s platform and products.
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Michael Gruber, Jeffrey Howard, Tom Mazarakis, and Sean Doyle attended MJBizConNEXT in New Orleans June 12th - 14th. Michael Gruber spoke at the Raising Expansion Capital session and Sean Doyle spoke at the Illinois: Assessing the $2 Billion Opportunity session.
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