Phyto Partners Closes on $14 Million for 2nd Cannabis Venture Capital Fund
BOCA RATON, Fla., June 7, 2018 (Newswire.com) - Phyto Partners, a venture capital fund focused on the cannabis industry, announced today that it has received capital commitments from limited partners totaling $14,000,000.00. This funding includes follow-on participation from LP’s in Phyto’s first fund, Phyto Partners I, LP (Phyto I) which was launched in 2015.
Phyto II, LP (Phyto II) is a successor fund to Phyto I and will invest in companies operating in and around the burgeoning cannabis industry. Phyto’s extensive experience and expertise investing in and understanding the regulations and complexities of operating businesses in the cannabis industry have made them a recognized leader in the cannabis investment community.
“The level of interest to invest in the cannabis industry has never been this high,” said Larry Schnurmacher, Phyto's founder and Managing Partner. “We are speaking to individuals and family offices that want to invest in the cannabis industry but are still unsure of the laws and fear that risks are unable to be mitigated as with other investments. Over the last few months, many have decided to accept these unknowns in order to get involved early and capitalize on the future of this fast-growing industry.”
Phytos' funding along with its strategic value add has enabled Marijuana Doctor to move forward with plans to open clinics statewide providing much needed medical education and care to patients throughout Florida. Phyto Partners has helped us accelerate our expansion efforts and solidify our hold on patient market share in the sunshine state.
Phyto II has begun deploying capital, investing in two portfolio companies: Marijuana Doctor, Florida’s leading doctor network; and Flowhub, an industry leader in compliance seed2sale and POS technology. Phyto Partners is the lead investor in Marijuana Doctor and will hold a seat on the Board of Directors.
Kyle Sherman, founder and CEO of Flowhub said, “Phyto has been incredibly helpful and we’re proud to count them as investors. Phyto has an extensive network of industry stakeholders and a deep understanding of the marketplace, with this background, they are a valuable asset.”
Learn more at Phyto Partners.
About Phyto Partners
Phyto has made investments in many recognized industry leaders, such as Baker Technologies, Würk and New Frontier Data. The fund is a professionally managed diversified portfolio of businesses with high-margin products and services. Representative investment verticals include Agricultural Technology, Big Data Analytics, Research & Development, Seed-to-Sale Compliance and POS Technology platforms, Customer Relationship Management, Distribution Logistics and other service providers to the licensed operators. Learn more at Phyto Partners.
Wendy Y. Chen
Source: Phyto Partners