Salveo Capital Press

Coda Signature, a Salveo Capital portfolio company and maker of premium, award-winning cannabis-infused gourmet edibles and sensory products, launched its signature truffles into the California market . The truffles are the company’s latest product innovation to delight consumers and drive retailer growth from Sacramento to San Diego.

“We established the Coda Signature brand in California a year ago with our premium chocolate bars. With our retail foothold firmly in place, we expanded the line with our vegan Fruit Note gummies and luxurious Bath Bombs," explained Coda Signature President and CEO Lisa McClung

Read More

PathogenDx, a Salveo Capital portfolio company, is one example of a company dedicated to cultivating positive change for the future. Their DNA-based microarray testing technology delivers efficient, viral testing solutions and is at the forefront of bacterial and fungal testing.

“When it comes to protecting the supply chain, quality and accuracy cannot be compromised,” said Milan Patel, Co-Founder and CEO of PathogenDx. “This is one of the few instances where it is really a matter of life and death. In order to safeguard the legitimacy of the industry, cannabis stakeholders should demand labs use rigorous testing methods that pinpoint pathogens and protect consumers.”

Read More

Headset, a Salveo Capital portfolio company and the leading provider of data and analytics to the cannabis industry, launched their competitive intelligence tool, Headset Insights Pulse, in Massachusetts. The complimentary service enables potential cannabis business owners, investors and media professionals to compare markets over time and contextualize industry data at various category levels. Headset’s Insights Pulse is now available in nine states and territories, including California, Colorado, Nevada, Oregon, Michigan and Washington, as well as the Canadian provinces of Alberta and British Columbia.

Read More

PUREXTRACTS, a premium cannabis vape manufacturer, has signed HERBL, a Salveo Capital portfolio company and California’s largest cannabis distributor/supply chain solutions company, as the exclusive distributor of its products in California. Through HERBL, PUREXTRACT products will be available to more than 850 California retailers.

“HERBL’s vast retail relationships are a great chance for us to grow PUREXTRACT’s brand across the state almost overnight,” said Adam Yader, founder and CEO of PUREXTRACTS. “It was also very important to us to find a partner who shares our values related to bringing retailers, and ultimately consumers, products that are of consistent, premium quality.”

Read More

Treez, a Salveo Capital portfolio company and seed-to-sale/cannabis retail software platform, confirmed it has secured $13 million in financing through a Series B Investment Round led by Intrinsic Capital Partners.

The Oakland, California-based company said it would utilize the proceeds to boost entering into legal state retailers for business-to-consumer (B2C) and business-to-business (B2B) trading.

Read More

With 21 portfolio companies, Chicago-based Salveo Capital is focusing on its current investments, according to managing partner Michael Gruber. Four of Salveo's companies have been acquired or gone public. For a startup to grab his attention, Gruber says that the makeup of the team— their past experiences, knowledge, and understanding of a particular area — are important, as is the potential market size for the idea they're bringing to the table. But for a startup to gain investor dollars at this point in time, Gruber said the terms of the deal are critical.

"To get involved in some new startups, I think the deal really has to be good," he said. "I think there has to be a structure that makes sense that both protects from the downside as well as provides upside."

Read More

The four – New York-based AWH (a Salveo Capital portfolio company), Maryland-based Holistic Industries, Florida-based Jushi Holdings and Atlanta-based Parallel – have a few factors in common:

• Strong financial backing or the ability to secure funding via capital markets that are beginning to loosen up.

• An expanding footprint in new or existing markets through build-outs or targeted acquisitions.

• A strategy focused on markets that have high-growth potential and limit the number of available licenses.

Read More

Equilibria, founded last year by Coco Meers and Marcy Capron Vermillion, has grown an average of 20% month-over-month this year as more customers are requesting the startup's CBD products and other personalized support, Meers said. Earlier this year the startup raised $2 million in a seed round from Salveo Capital and Hyde Park Angels.

Read More

PathogenDx, a Salveo Capital portfolio company which has developed a multiplexed microarray DNA-based pathogen testing platform, announced that it will collaborate with the U.S. Department of Agriculture's (USDA) Agricultural Research Service (ARS) to study the effectiveness of its microarray testing technology in identifying food borne pathogens throughout the food supply chain.

Read More

Headset, a Salveo Capital portfolio company and the leading provider of data and analytics to the cannabis industry, announced it is launching the free version of their competitive intelligence tool, Headset Insights Pulse, in Michigan. The news comes on the heels of Headset's announcement this past August regarding Headset Insight's launch in Oregon, and will be Headset Insight's first launch in the eastern U.S.

Read More

Tune in live for a front-row seat with hosts Patrick Lane and Javier Hasse as they discuss a range of topics related to the fast-changing world of cannabis with Michael Gruber, Managing Partner at Salveo Capital, Mark Passerini, CEO of Mission Cannabis, and Sumit Mehta, CEO of Mazakali.

Read More

Headset, a Salveo Capital portfolio company, secured some $3.2 million in financing through a bridge round led by Canopy Rivers. The Seattle-based data-driven tech company intends to use the proceeds to fund its platform's expansion into the new markets. Besides debuting in states and provinces where cannabis is already legalized, Headset plans to enter markets poised to open following this year's election.

CEO Cy Scott, who co-founded the company in 2015, explained that their "real-time market intelligence" supports both cannabis and CPG companies as well as financial firms to "find opportunity and understand the cannabis consumer."

Read More

“Our ability to raise capital is a differentiator, and we are able to use our stock as a currency to do deals because investors and owners have confidence in the company to execute,” Curaleaf CEO Joe Lusardi said in a statement provided to Marijuana Business Daily for this story.

For example, in connection with the Grassroots (a Salveo Capital portfolio company) transaction, Curaleaf generated 34 million Canadian dollars ($25.7 million) through the private sale of nearly 4.4 million subordinate voting shares, according to a July filing with Canadian securities regulators. The proceeds will fund Grassroots’ expansion projects and replenish its working capital, according to Curaleaf.

Read More

Shimadzu Scientific Instruments and Front Range Biosciences (FRB), a Salveo Capital portfolio company, announced a partnership where they will establish the FRB Hemp Science Center of Excellence. The center will focus on genetics, biobanking, breeding and analysis, all with Shimadzu instrumentation. Located at FRB’s new headquarters in Boulder, CO, the new center will allow for collaborative efforts between researchers from the public and private sectors like academic, nonprofit and government agencies. The center will expand FRB’s collaboration with the University of Colorado at Boulder.

Read More

AWH, a Salveo Capital portfolio company and multi-state, vertically integrated cannabis operator, announced its intent to enter Illinois’ largest cannabis market with an agreement to acquire a pair of well-known dispensaries in two iconic Chicago neighborhoods – Logan Square and River North. The agreement will allow AWH to take ownership of both MOCA - Modern Cannabis dispensaries following approval from the Illinois Department of Financial and Professional Regulation.

“We are pleased to enter the third largest city in the United States though our pending purchase of Modern Cannabis. MOCA has been a leading player in the Chicago market, and we are excited to pair it with our Illinois Supply & Provisions (IS&P) dispensaries which include the top performing retail outlet in the state in Collinsville,” said AWH Founder Abner Kurtin.

Read More

Innovative Industrial Properties announced that it entered into an amendment of the lease with Ascend Wellness Holdings, a Salveo Capital portfolio company, at the property located in Barry, Illinois, making available an additional $18 million in funding for expansion of AWH’s regulated cannabis cultivation and processing facilities at the property, including a new 90,000 square foot greenhouse facility and further production capacity enhancements for the existing 75,000 square foot industrial facility located on the property.

In addition to this Illinois property, IIP owns and leases to AWH two other properties in Massachusetts and Michigan, with IIP’s total investment in properties leased to AWH, including commitments to fund future tenant improvements, equaling approximately $119.8 million.

Read More

Fyllo today announced it has raised $10 million in Series A2 financing from both existing and new investors, bringing total funding to date to $26 million. The Series A2 round was led by existing investors JW Asset Management and K2 & Associates with participation from current investors Salveo Capital, Arcadian and Phyto Partners.

“We’re grateful to our investors for their continued support and commitment to our vision. Fyllo’s offering is well-timed with the rapidly increasing acceptance and consumption of cannabis and CBD, and the opportunity for brands to build relationships with a massive new customer base. As industry growth outstrips legalization, marketers and legal professionals will need our help now more than ever in order to keep pace with compliance and consumer demand.” - Chad Bronstein, CEO of Fyllo

Read More

Chris Mellilo, senior vice president of retail for Curaleaf, spoke about the steps Curaleaf took to reshape its operations to meet customer needs in places where cannabis retailers were labeled “essential” at peak lockdown. This consisted of most of the states in which Curaleaf does business. The company has recently expanded to 23 states with the acquisition of dispensary chain Grassroots Cannabis, a Salveo Capital portfolio company. “The pandemic on the whole has absolutely changed everything we do,” Mr. Mellilo said. “The silver lining there is it has fast-forwarded everything we needed to do, which is catch up to more traditional expectations of retail.”

Read More

Curaleaf Holdings, a Massachusetts company that grows, processes and sells cannabis through dispensaries in 18 states, last week bought the Chicago cannabis cultivator and retailer Grassroots (a Salveo Capital portfolio company) for $830 million. That makes Curaleaf the biggest cannabis company globally by sales, with expected annual revenue of about $1 billion, executive chairman Boris Jordan told CNN Business.

During the pandemic, the amount and value of M&A deals across all industries have plunged. According to the law firm White & Case, the total value of deals announced in the first half of 2020 was $901.7 billion, down 53% from the prior year. Yet, in the past year, Curaleaf has snapped up 15 companies -- mostly smaller, established operators in states such as Colorado, Florida and Arizona.

Read More

In states where cannabis is legal, local governments designated dispensaries as an essential service when COVID-19 hit. In lockstep with the lockdowns, cannabis ad compliance startup Fyllo, a Salveo Capital portfolio company, saw an almost immediate increase in ad demand as dispensaries clamored to make sure people knew that they were open for business. But cannabis advertising is a challenging space with a patchwork of regulations that can make your head spin, says Nicole Cosby, Fyllo’s chief data and compliance officer. In some cases, what’s legal at the state level – say CBD gummies or infused lotions – isn’t legal in a certain county or even a certain city within that same state. “Those are the kind of nuances you have to navigate,” says Cosby.

Read More