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NEWS AND INSIGHTS FROM FINTRX
As various industries continue to gain traction from family offices, we continue to shine a light on the alternative wealth space and private capital markets by providing detailed analysis regarding the past investment history of these private wealth groups. In utilizing the Family Office & RIA Data Platform, which provides intel into thousands of direct deal transactions made by 3,000+ family offices worldwide, we outline five family offices directly investing in private cannabis companies.
Founded in 2017, Saltwater Capital (Ryan Graves Family Office) is a Mill Valley, CA-based single-family office managing the wealth of its founder, Ryan Graves, and his family. Graves created his wealth as one of Uber's founding members and has since had many roles throughout the technology space. Graves served a brief period as the company's CEO before settling into the role of Sr. VP of Global Operations.
Today, the firm allocates to several opportunities across the private equity and venture capital spaces and regularly makes direct investments in private companies. The firm employs a long-term hands-on investment approach, allocating opportunistically to companies throughout the cannabis, technology, software, business, environmental, energy, manufacturing, consumer goods, clothing, food & beverage industries. The firm is an active ESG investor and looks to identify environmentally friendly companies or technologies that seek to combat global warming, for instance. Saltwater Capital looks for companies that are profitable and have historical successes.
In January 2019, Saltwater Capital directly invested in Caliva, a premier cannabis dispensary and cultivation facility in the San Francisco Bay Area. Geographically, the firm remains agnostic however, they primarily consider deals within North America and the United States. Saltwater Capital regularly co-invests alongside other like-minded groups. Past co-investment partners have included Tiny Capital, Ataria Ventures and Tavistock Group.
Founded in 2014, Electrum Partners is Las Vegas, Nevada-based single-family office serving as the direct investment arm for its founder Leslie Bocskor. Bocskor created his wealth as an entrepreneur via an extensive career in investment banking. The firm focuses on early-stage companies operating within the recreational and medicinal cannabis spaces. Electrum Partners invest and guides companies, both leaf touching and non-leaf touching, and invest in a range of cannabis-related companies, both public and private. The firm actively seeks to find additional investors for their companies through an extensive network of high-net-worth individuals and family offices.
In July 2015, Electrum Partners directly invested in Attis Trading Company, a privately-held cannabis company based in Portland, OR. In April 2016, Electrum Partners made a direct investment in GB Sciences, Inc., a next-generation cannabinoid research and development company based in Las Vegas, Nevada. When choosing companies and managers to invest in, Electrum Partners implements an in-depth due diligence and assessment process. Each company is graded based on a proprietary 1,000-point scoring system considering key business metrics and other factors including concept and leadership, financials, business plan, valuation, brand image, and current/future license plans.
Established in 1990, Torreal (Abello Family Office) is a Madrid, Spain-based single-family office serving as the investment vehicle for the Abello family. The firm invests in companies of all different stages of development - start-up, expansion capital, etc. - and projects of all types - MBOs, LBOs, or turnarounds, among others. Torreal is active in making direct transactions with private companies. Sectors and industries of interest include cannabis, restaurants, food & drink, logistics, manufacturing, automotive, cosmetics, electronics, education, and clothing - to name a few.
In September 2018, Torreal directly invested in Linneo Health, a strictly regulated pharmaceutical business producing certified medical cannabis and derivatives for medical purposes. The company employs a generalist industry strategy, meaning they will consider investing in any industry, as long as it fits their investment criteria.
Torreal takes an opportunistic approach, focusing more on unique opportunities rather than specific mandates. Although its increasing role in the growth of foreign international businesses must be noted, Torreal emphasizes a geographic focus on Spain-based investments.
Thirty5 Ventures (Durant Family Office) is a New York, NY-based single-family office managing the wealth of Kevin Durant. Durant created his wealth while playing professional basketball in the NBA and spent several years on the Golden State Warriors and Brooklyn Nets. Throughout his professional basketball career, Durant held four NBA scoring titles, won two Olympic gold medals, and was named NBA league MVP, All-Star Game MVP, and Rookie of the Year.
In 2017, Durant and his manager, Rich Kleiman created Thirty5 Ventures to manage his business interests and investments. Thirty5 Ventures make investments in private equity, venture capital, and directly into private companies. The firm allocates across several industries, including sports, culture, consumer goods, cannabis, financial technology, restaurants, e-commerce, media & entertainment, and technology.
In September 2018, September 2019, and August 2020, Thirty5 Ventures directly invested in Dutchie, an online cannabis marketplace that allows consumers to order from their favorite local dispensaries. The firm allocates to companies of all sizes taking part in funding rounds ranging from $3M-$200M. Thirty5 Ventures also manages Durant's charitable foundation, The Kevin Durant Charity Foundation (KDCF). The charity actively donates to programs and initiatives that improve the lives of low-income, at-risk children. The group has developed and contributed to programs across the United States and internationally seeking to address issues of homelessness, women's empowerment, social justice, disaster relief, youth athletics, and education.
Established in 2013, Financière Saint James (Michael Benabou Family Office) is a Paris, France-based single-family office managing the wealth of French technology entrepreneur Michael Benabou. Benabou is one of the eight founders of the French e-commerce site Vente-Privee, which specializes in online 'deal-of-the-day' flash sales of various goods. Financière Saint James invests in public and private equity across a range of sectors, regions, and asset classes. The firm allocates via direct venture capital, private equity, and real estate investments. Financière Saint James seeks disruptive, technology-enabled businesses, which are poised to solve specific problems, bring new concepts to life or address gaps in the market.
In June 2019 Financiere Saint James directly invested in Ho Karan, a French natural cosmetics brand offering a range of products - made with Cannabis - that are 'resolutely effective in fighting urban stress and pollution.' Financière Saint James is typically sector-agnostic, but the firm has a distinct interest in disruptive, tech-enabled startups. The firm’s geographic focus is typically in France, though they may take a more global investment perspective from time to time. The firm regularly co-invests alongside like-minded family offices and institutional investors.
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January 22, 2021
Renae Hatcher is a member of the marketing team at FINTRX - focused on delivering targeted & relevant family office and registered investment advisor content to our subscribers.