A day in the life of a top Wall Street strategist
Tuatara Capital has raised a $93 million fund to invest exclusively in the legal marijuana industry, The Wall Street Journal reported.
Two of Tuatara's principals, Al Foreman and Mark Zittman, believe that it's the largest fund in the marijuana industry.
"Our understanding is that we have the largest pool of capital by fund and firm size in space," Foreman told Business Insider during a joint call with Zittman.
Founded in 2014 by Zittman and Foreman, the private-equity firm, based in New York, exclusively focuses on the legal cannabis industry.
Tuatara raised money from a "good mix" of high-net-worth people and family offices, Foreman and Zittman said. Institutional investors, like pension funds or banks, have mostly shied away from investing directly in the industry since marijuana is classified as a Schedule I drug, meaning it's still illegal at the federal level.
Many of Tuatara's investors, however, are "quasi-institutional," Foreman...
This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.
Follow us on Instagram
Connect with us on Linkedin