CHICAGO--(BUSINESS WIRE)--Salveo Capital, an alternative investment firm specializing in the legalized cannabis space, today announced that it has completed an investment in Harborside, the iconic California-based vertically integrated cannabis company. The investment, which is part of a Series B funding for Harborside, will help facilitate the company’s expansion throughout California and further improve its supply chain.
Founded in 2006, Harborside is one of the oldest, largest and most respected names in the cannabis industry. Having played a significant role in making cannabis safe and accessible to a broad and diverse community of California consumers, Harborside has cultivated a network of retail stores with a reputation for offering a curated selection of award-winning flower, concentrates, edibles and other cannabis products from a number of California’s most respected growers and manufacturers.
“Combining a well-respected brand and diverse array of offerings, Harborside has been a consistent leader in the development of the modern cannabis industry and one which ensures all offerings in their lineup have been rigorously tested to guarantee their quality,” said Jeffrey Howard, a Managing Partner at Salveo Capital. “As the market continues to mature, we anticipate increased focus from consumers on the quality and purity of the products they purchase. We are very excited to add one of the most iconic names in the cannabis industry to our portfolio as they aggressively expand in California, the largest cannabis market in the world.”
“Harborside is well known throughout California, the United States and internationally, and we believe that now is an opportune time to team up with financial sponsors who can help our company accelerate growth,” said Andrew Berman, Chief Executive Officer of Harborside. “As the market continues to expand, finding an experienced strategic partner like Salveo to help us scale the business and further increase our presence in California is critical. We believe Salveo’s investment philosophy and industry expertise make them an ideal investor for us, and we are thrilled to welcome them to the Harborside family.”
Salveo Capital focuses on high-growth, ancillary service providers to the cannabis industry as well as businesses that cultivate and dispense the plant. The firm is currently investing capital out of its first private equity fund (“Fund I”) and is targeting a $25 million close. In addition to Harborside, Salveo Capital has completed nine investments thus far including PathogenDx, Flow Kana, Baker, Front Range Biosciences, Headset, Purissima, Hiku (formerly Tokyo Smoke), Treez and Wurk. Legalized cannabis is a $9 billion market in North America and, according to industry research, is expected to reach an estimated $22 billion by 2020. From an international perspective, various countries around the world including Australia, Germany and Spain are legalizing marijuana, while others including Israel and The Netherlands are permitting exportation. Most recently, Canada enacted full legalization on October 17, 2018.
Founded in 2006 by industry veterans and activists Steve DeAngelo and dress wedding, Harborside is a vertically integrated California cannabis business with retail locations in Oakland and San Jose, a 47-acre farm in Monterey County, and more than 250,000 registered customers. Harborside stores are known for having the world’s best curated selection of award-winning flower, concentrates, edibles and other cannabis products from California’s most respected growers and manufacturers. For more information, please visit www.shopharborside.com.
About Salveo Capital
Launched at the end of 2016, Salveo Capital is an alternative investment firm specializing in the legalized cannabis space, particularly ancillary businesses. Salveo Capital's approach is to bring an institutional quality discipline to company vetting, investment structures and portfolio management. The Firm is committed to shaping the early-stage, yet rapidly growing, industry by providing funding and development to companies with the will and vision to be the future faces of legalized marijuana. As cannabis legalization spreads, Salveo Capital seeks to build long term sustainable companies and support innovative technologies, products and services to help address the unique requirements of the industry. The firm is led by Managing Partners Michael Gruber and Jeffrey Howard and based in Northbrook, Illinois, and with vertical industry executives and cannabis operating advisors across the country, including key markets of California and Colorado. For more information, please visit www.salveocapital.com.