The partnership have put together a $30 million cannabis technology venture capital fund, designed to invest in emerging companies which are developing med-tech, ag-tech, retail, e-commerce, marketplaces, SaaS solutions, and deep-tech research linked to the emergent cannabis industry.
From the Israeli led part of the operation, OurCrowd’s CEO Jon Medved noted how the global cannabis market is developing, with the addition of Canada in 2018 and the likely move in Israel to legalize cannabis for export. In addition to this, around 95 percent of the U.S. population reside in states where cannabis is legal for recreational and/or medical purposes. In Israel cannabis is only permitted for medical purposes. Around 33,000 Israelis are prescribed medical cannabis, using an average of 34 grams of the dry substance per month.
Speaking with website Israel21c, Medved remarks: “The amount of serious medical research in cannabis is booming. This market will generate unprecedented global investment activity and returns for cannabis-focused startups.”
And outlining why investing makes sense, he adds: “Together with 7thirty, we plan to lead investments for serious companies that will pioneer technology for this important and growing market.”
To date, OurCrowd has invested in Israeli cannabis technology companies like Syqe Medical and ag-tech company EdenShield. The aim is to apply this knowledge, in partnership with Colorado company 7thirty, to a global array of startups.
The 7thirty Opportunity Fund is led by the U.S.s most active early stage Cannabis Technology investor, Micah Tapman. The entrepreneur has led investments in over 90 cannabis-related companies. Several of those companies are now big players in the cannabis market, such as Wurk, BDS Analytics and Front Range Biosciences.
