SAN FRANCISCO, July 26, 2021 /PRNewswire/ — Poseidon, the leading venture capital firm in the cannabis industry with $190M in assets under management, today announced its first three Poseidon Garden Ventures investments into licensed operator JKL2, cultivation technology company Adaviv, and dispensary technology provider Dispense.
As part of the investment, Poseidon will join the Boards of all three companies as directors or observers.
“Poseidon Garden Venture’s thesis is to invest in pre-Series A licensed operators and cannabis technology companies founded by proven operators,” said Managing Director, Patrick Rea. “We see immense opportunity at this high-growth stage in the cannabis industry to actively scale these companies, leveraging our network and experiences investing in the cannabis industry since 2013, and position them for exits in today’s dynamic M&A environment.”
Led by cannabis industry veterans Chelsey Joseph and Jill Lamoureux, JKL2 Inc. is a strategic cultivation partner of WHT LBL LLC, a multi-state operator (MSO) focused on cultivation and processing based in Boulder, Colorado. JKL2’s new 10-acre cannabis cultivation facility, in partnership with Power REIT, is the start of a platform that will immediately add capacity, further securing the flower and trim supply chain and seizing on strategic expansion opportunities in the state. “We have known the team at Poseidon for years and are excited to work with a firm with a proven track record of success,” said JKL2 CEO Chelsey Joseph. “Poseidon has critical insights into where the industry is going, and we are excited to get their support to build the next leading single state operator in Colorado.”
Dispense, founded by Kyla Sirni and Tim Officer, is a digital dispensary management platform designed with the changing priorities of MSOs and other operators in mind. The platform offers a suite of retail solutions including menu widgets, online ordering, pickup batching, full data control for the retailer, integrations, customer chat, analytics and staff management. “Poseidon is as much of an investor as a strategic partner,” said Dispense co-founder & CEO, Kyla Sirni. “Their vast network will help us create new synergies and scale Dispense across the cannabis industry, putting the retailer first in every consumer experience.”
Born out of MIT, Adaviv’s cultivation cameras and software help cultivators manage plant health using AI, improving yields and reducing waste. Adaviv’s users have detected 7-10 times more plant health issues, increased yield consistency by 50% and driven yield improvements by over 20%. Adaviv co-founder Ian Seiferling said, “Our vision is to make each plant count and every farmer the best farmer they can be. We know Poseidon shares these same principles, bringing efficiency, operational excellence and sustainability to the industry through their portfolio companies, so we are excited to have them partner with us as we gain traction.”
About Poseidon
Poseidon is a leading investor in the legal cannabis and hemp industries with $190 million in AUM. Active cannabis investors since 2013, the Poseidon team has collectively raised seven cannabis-specific funds and deployed capital into nearly 200 businesses across various stages and verticals globally. For more information, visit https://www.poseidonassetmanagement.com/.
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Patrick Rea
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SOURCE Poseidon
