Halley Venture Partners LP, a San Francisco-based Venture Capital Firm Focusing on Cannabis Technology Companies, Has Announced an $8 Million Anchor Investment
SAN FRANCISCO, Feb. 12, 2019 /PRNewswire/ -- HALLEY Venture Partners LP (HALLEY Partners), a San Francisco-based venture capital firm focusing on cannabis-related technology companies, has announced an $8 million capital commitment from an East Coast-based single family office with decades of investment management experience. Concurrently, HALLEY Partners has closed HALLEY Venture Fund I (Fund I) to new investors.
Founded by Managing Director Steven J. Schuman in 2017, HALLEY Partners focuses primarily on early-stage technology companies that can help licensed cannabis businesses increase sales, create new products, reduce costs, comply with regulations, and discover the medical benefits of cannabis and hemp. HALLEY Partners aims to fund ancillary cannabis tech companies with experienced management teams and large addressable markets.
"We started investigating the cannabis space in 2014 and made our first personal bets in 2016. We then formed Fund I in late 2017 and made a limited number of investments. HALLEY Partners has a significant amount of capital yet to be committed to specific portfolio companies and intends to add 10-15 more companies to its portfolios over the next 2-3 years."
HALLEY Partner's initial portfolio companies are Front Range Biosciences, springbig Inc, Bloom Automation, PathogenDx and FLRish Inc.
While returns are a high priority, Schuman also believes that "cannabis participants should leave the industry in a better place than they found it." Accordingly, from the very inception of Fund I, HALLEY Partners has pledged to contribute at least 5% of the general partner profits to: (1) cannabis legalization efforts (2) non-profit medical research; and (3) reversing the damage of the 75+ year war on cannabis, especially for minority and lower income victims.
"With the close of Fund I, HALLEY Partners is poised to support unprecedented ancillary growth and become a stronghold in the ongoing cannabis revolution," continues Schuman. "There is not only a tremendous opportunity for investors in the marketplace, but also the prospects to drive technology developed in this space to adjacent agriculture and consumer industries."
Cannabis start-up companies that fit the above strategy are encouraged to contact HALLEY Partners via www.halleyvp.com.
About HALLEY Venture Partners LP
Founded by Managing Director Steven J. Schuman in 2017, HALLEY Venture Partners LP focuses primarily on early-stage technology companies that can help licensed cannabis businesses increase sales, create new products, reduce costs, comply with regulations and discover the medical benefits of cannabis and hemp. HALLEY Partners aims to fund ancillary cannabis tech companies with experienced management teams and large addressable markets.
SOURCE HALLEY Venture Partners LP
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