NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Ghost Group, a Southern California-based venture capital firm primarily focused on the emerging marijuana industry, today announced the launch of Emerald Ocean Capital, a fund that invests in market-defining companies and technology in the legal cannabis and medical marijuana sector.
Additionally, Ghost Group announced the launch of the Ghost Domain Capital fund, which invests in “category killer” Internet domains that are mostly oriented toward B2B solutions. Both funds seek to provide an attractive rate of return, with investors benefitting from full collateralization, pass-through and the upside of cash flow generated by management.
The launch of Emerald Ocean Capital comes at a time when a majority of Americans favor legalizing the use of marijuana, according to a national survey conducted in April by the Pew Research Center.
“The marijuana industry is poised to grow exponentially, and Emerald Ocean provides an opportunity to invest in companies that are pioneering the space and gaining traction in this multi-billion dollar industry,” said Justin Hartfield, general partner of Ghost Group, who manages the fund with general partner Doug Francis. “With the legalization of marijuana in Colorado and Washington for adult use, government officials and the public at large are leading the way to legalizing marijuana nationwide.
“Similar to the end of prohibition, the marijuana industry is in a transformative era, and Ghost Group and its host of companies are well-positioned to take advantage of the unrealized potential of this burgeoning sector,” Hartfield added.
Hartfield is co-founder and CEO of WeedMaps.com, a Yelp-like website that generates approximately $1.5 million per month in revenue connecting medical marijuana patients with other patients to discuss and review local dispensaries, medical doctors and delivery services. Francis serves on the board of WeedMaps.com, and is a founder of Bonfire.com.
About Ghost Group
Ghost Group (http://www.ghostgroup.com) is a Southern California-based venture capital firm primarily focused on building consumer, technology and enterprise businesses in the fast-emerging medical marijuana industry. The company manages two funds, including Emerald Ocean, which invests in market-defining companies and technology in the medical marijuana sector such as WeedMaps.com, and Ghost Domain Capital, which invests in category disruptive Internet domains that are mostly oriented toward B2B solutions.