January 23, 2019 / 6:05 AM / 5 months ago

OurCrowd, 7thirty launch $30 million fund to invest in cannabis tech

JERUSALEM (Reuters) - Israeli equity crowdsourcing platform OurCrowd is partnering and investing with 7thirty to build a global cannabis technology venture capital fund, the companies said on Wednesday.

The new $30 million fund will be based in Boulder, Colorado and will focus on emerging cannabis technology companies in med-tech, ag-tech, retail, e-commerce and marketplaces.

The fund will be active globally, including in Israel, Canada and the United States.

The 7thirty Opportunity Fund is led by Micah Tapman, a U.S early-stage cannabis technology investor.

“The amount of serious medical research in cannabis is booming. This market will generate unprecedented global investment activity and returns for cannabis focused startups,” OurCrowd CEO Jon Medved said.

Israeli companies - benefiting from a favorable climate and expertise in medical and agricultural technologies - are among the world’s biggest producers of medical cannabis.

Reporting by Steven Scheer; Editing by Tova Cohen

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