MedMen, a cannabis management company based in Culver City, announced that it was launching a $100 million private equity fund.

The company, which calls itself the “only full-service management company serving North America’s legal cannabis industry,” said the MedMen Opportunity Fund was the first private equity vehicle of its kind.

"We pride ourselves on being the industry leader in bringing institutional business practices to the cannabis industry," said Adam Bierman, MedMen chief executive, in a press release.

Working with the company to create the fund is Wicklow Capital, a principal investment firm which also has cannabis investments in Illinois and New York.

"The cannabis business is very operationally intensive,” said Chris Ganan, chief strategy officer of MedMen. “There has yet to be a fund platform that combines proprietary access to diversified investment opportunities coupled with execution capabilities in the same vehicle, until now.”

MedMen began as a chain of dispensaries in Los Angeles in 2010 but closed down its stores and shifted to helping other marijuana businesses in 2013.

For reprint and licensing requests for this article, CLICK HERE.