San Francisco-based cannabis hedge fund operator Poseidon Investment Management completed investments in two New Jersey dispensaries.
The company confirmed to MJBizDaily that it invested about $1 million each to fund the startup and buildout costs for cannabis retailers Blkbrn and Dogwood Green.
Blkbrn’s retail store is located in Highland Park, just outside the New York City borough of Staten Island.
Dogwood Green is located in West Orange, a suburb of Newark.
“With these two investments, we are allocating to retail in special situations, driving outsized sales with a focus on profitability, increasing the probability of success for founders, and generating faster returns for our investors,” Poseidon Managing Director Patrick Rea said in a news release.
MJBizDaily last month reported that marijuana software company Distru raised $6 million in a Series A funding round led by Poseidon Investment Management.
The funding will be used to expand Oakland, California-based Distru’s product offerings, enhance compliance inventory, integration and order-management capabilities, the news release said.
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