VC fundraising for cannabis companies
Cannabis venture has been through a full cycle. The 2018-2019 wave compressed sharply on regulatory delays, 280E friction and the slow pace of US federal reform. Capital is still available but concentrated in specialist funds and family offices, with generalist consumer funds on the sidelines until the regulatory picture clears.
The realistic buyer pool is the dedicated cannabis funds, a small set of family offices, and the strategic balance sheets behind the US MSOs (Curaleaf, Trulieve, Green Thumb) and the Canadian LPs (Tilray, Canopy). Generalist consumer funds remain on the sidelines, and the few that have invested do it through specialist vehicles. Flow has direct relationships across this set and works each round through investors who can actually clear 280E and licensing diligence.
Flow has experience running VC fundraising processes for cannabis companies across cultivation, processing and extraction, branded products, retail and dispensary operators, and ancillary technology and services. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Cannabis" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Net revenue
Gross margin (post-280E)
COGS absorption rate
Yield per square foot
Revenue per dispensary
Excise duty by state
Inventory days
Licence count by jurisdiction
Wholesale vs retail mix
Cash on hand
Cannabis valuations in May 2026
Public cannabis comps trade at 0.9x EV/Revenue.
0.9x
Median EV/Revenue as of May 2026 for public cannabis companies
n/m
Curaleaf is the highest valued public cannabis company based on EV/Revenue (excluding outliers)
1.4x
Median EV/Revenue across cannabis M&A deals in the last 12 months
-
Median EV/Revenue across cannabis VC rounds in the last 12 months
Key recent cannabis VC rounds
$15M Series A raised by Willie's Remedy+ was the largest cannabis VC round completed in the last six months.
See all cannabis VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Feb-26 | Willie's Remedy+ |  | Willie's Remedy+ produces hemp-derived THC beverages as alcohol alternatives, including seltzers, tonics, and shots with nano-emulsified Delta-9 THC, CBD, and adaptogens. Available online in compliant U.S. states. | Left Lane CapitalSecond Sight Ventures | $15M | - | Series A | |
Jan-26 | Octarine Bio |  | Octarine Bio is a synthetic biology company located in South San Francisco, California, engineering microbes to produce pharmaceutical-grade cannabinoids including CBD, CBG, and novel analogs. Its platform yields high-purity compounds at scale for drug development targeting epilepsy, pain management, and inflammation. Founded in 2020, Octarine Bio partners with contract manufacturers to supply GMP-compliant materials, advancing preclinical candidates through fermentation-based biosynthesis superior to plant extraction methods. | DSM VenturingEdaphon+5 | $5.9M | - | Series A | |
Feb-26 | Curio Wellness | | Curio Wellness is a Maryland-based healthcare provider founded in 2014 offering natural treatments through safe and effective therapeutic products. Headquartered in Lutherville Timonium, it focuses on medical cannabis accessibility. | - | $5.3M | - | Undisclosed stage | |
Jan-26 | Nabis | | Nabis is a San Francisco-headquartered licensed cannabis wholesaler serving California retailers. It operates a technology platform managing inventory, ordering, logistics, payments, and analytics for over 1,000 brands and 2,500 dispensaries. Nabis handles daily deliveries across the state using a fleet of temperature-controlled vehicles and provides financing options through its Nabis Capital division. | Humble Cannabis Solutions | $4.0M | - | Strategic investment | |
Feb-26 | PGP Farmer | France-based PGP Farmer cultivates medical cannabis adhering to Good Agricultural and Collection Practices along with Good Manufacturing Practices standards. | - | $3.5M | - | Seed | ||
Jan-26 | M | MM Brands | | MM Brands is a Toronto-based platform developing and distributing consumer packaged goods within the legal cannabis industry, emphasizing branded edibles and beverages. | - | $3.3M | - | Seed |
Jan-26 | KSHN Pouch Co. | | KSHN Pouch Co. is a retailer marketing oral cannabis pouches for recreational and wellness use. | - | $1.4M | - | Seed | |
Jan-26 | Jeng | | Jeng is a producer of non-alcoholic, hemp-infused mocktails featuring CBD blends mimicking classic cocktails like Moscow Mule and grapefruit rosemary varieties. | Quench Ventures | - | - | Seed |
VC investors active in cannabis
Delta Emerald Ventures is the most active VC investor across cannabis, having invested in 3 startups in the last three years.
See all cannabis VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Delta Emerald Ventures | | Delta Emerald Ventures is a founder-focused investment firm that employs data-driven approaches to support early-stage companies. The firm provides strategic guidance and network access to accelerate portfolio growth in technology sectors. | Uncle Arnie'sFernwayHappy Cabbage Analytics | 3 | Series A | |
Casa Verde Capital | | Casa Verde Capital is a San Francisco-based venture capital firm investing in seed-stage companies within the cannabis ancillary sector. The portfolio spans agtech firms developing hydroponics systems, compliance software providers for tracking regulations, and health brands offering CBD-infused beverages. Investments target businesses avoiding direct plant-touching activities, with funds deployed in startups across financial services, lab testing, and media platforms serving the U.S. market. | Frontier RiskPreludeMamedica+1 | 3 | Seed | |
Unconventional Ventures | | Unconventional Ventures is a Nordic-based early-stage venture capital firm investing in scalable impact technology startups at pre-seed and seed stages. The fund targets companies founded by underrepresented entrepreneurs including women, LGBTQ+, and people of color pursuing global markets in climate tech, health, and education. Headquartered in Stockholm, Unconventional Ventures backs ventures like climate monitoring platforms and edtech tools across Europe. | Octarine BioAIRMOThe Blue Box Biomedical Solutions+1 | 2 | Series A | |
The Footprint Firm | | The Footprint Firm is a sustainability-focused advisory and investment firm based in London. It advises companies on carbon reduction strategies, ESG reporting, and net-zero transitions while investing in climate tech ventures. The firm serves clients in finance, energy, and consumer goods sectors, emphasizing measurable environmental impact through portfolio construction and operational audits. | Octarine BioReel EnergyFoodOp+1 | 2 | Series A | |
Mindset Capital | | Mindset Capital is a venture capital firm applying growth-oriented investment strategies. Operating from mindsetcapital.com, it backs companies emphasizing adaptability, curiosity, and long-term progress in tech sectors, drawing from principles of continuous improvement in portfolio selection. | Uncle Arnie's | 2 | Seed | |
Oskare Capital |  | Oskare Capital is a London-based venture capital firm founded in 2018 that invests in early-stage European fintech and insurtech startups. It manages GBP 75 million across two funds, with portfolio companies including payment platform Revolut and embedded insurance provider Cover Genius. The firm has completed 15 investments, achieving two exits via acquisitions by Barclays and Allianz. | Octarine BioLeva ClinicHerbolea Biotech | 2 | Series A | |
DSM Venturing |  | DSM Venturing is the corporate venture capital arm of Royal DSM, headquartered in Heerlen, Netherlands. Established in 2002, it invests in life sciences startups developing products in animal health, human nutrition, and biomedical fields, supporting innovations aligned with DSM's sustainability goals. | Octarine BioAthianVivici+1 | 2 | Series A | |
Organigram Global |  | Organigram Global Inc is a licensed cultivator of cannabis and manufacturer of cannabis-derived goods in Canada. It is is focused on producing high-quality cannabis for adult recreational consumers. It has also developed and acquired a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Tremblant Cannabis, Trailblazer, BOXHOT and DEBUNK. Organigram operates facilities in Moncton, New Brunswick and Lac-Superieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. | Sanity GroupOpen Book ExtractsPhylos | 2 | Seed | |
Poseidon Asset Management | | Poseidon Asset Management is a Denver-based investment firm specializing in cannabis sector portfolios. It deploys capital into cultivation, retail, and ancillary services across North America, managing funds for accredited investors seeking exposure to legalized markets. The firm educates stakeholders on regulatory compliance and sustainable practices. Poseidon has backed operators in states like Colorado and California since 2017. | DistruSunburn CannabisAMNESIA Media | 2 | Seed | |
Entourage Effect Capital | | Entourage Effect Capital is a Chicago-based private equity firm investing exclusively in cannabis companies since 2015. Formerly Cresco Capital Partners, it targets seed to Series B stages, providing $5-20 million checks alongside operational support in cultivation, retail, and ancillary services. Portfolio includes multistate operators like Cresco Labs, with exits generating over $100 million in returns. | Hoodie AnalyticsBotanica SeattleBioLumic | 2 | Series A |
Founders and investors we've worked with
We've supported winning builders across cannabis and beyond.
AVE & YOU
We acted as fundraising advisor to AVE & YOU, a Berlin-based beauty-tech DTC brand and personalized skincare platform, supporting its capital raise to fuel growth.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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GoTrendier
We advised GoTrendier, the leading second-hand fashion marketplace in LatAm (Mexico and Colombia), on its $14m Series B fundraise led by IDB.
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Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
See moreRecent VC fundraising track record
See our VC fundraising experience across cannabis and beyond.
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