Viridis Fund I to Invest in Primarily Asset-Backed, Income Generating Projects
First Capital announced today that it has completed a methodical, strategic evolution, creating a platform from which to best capitalize on the $6.7 billion legal cannabis market - the fastest growing industry in America. First Capital is pleased to introduce Viridis Fund I (the “Fund”), a closed-end private investment fund dedicated to cannabis industry investments, generally collateralized and income generating. The Fund focuses on opportunities that do not directly “touch the plant”, eliminating state registration and residency requirements and reducing Federal exposure. Principal examples of these opportunities include real estate and equipment.
“This announcement is nearly a year in the making, as we have spent many months in careful and conservative due diligence,” stated First Capital Executive Managing Director Gary J. Graham. “We have come to our own conclusion that legal cannabis can indeed be a very attractive investment; even deserving deals are still denied traditional financing options, yielding significant premiums paid on interest and lease rates. However, in this formative period there is a distinct absence of true business leadership – and thus substantial individual deal risk for the new investor.
“These are ideal conditions for First Capital and our investors. We combine a team of seasoned financial professionals and industry advisors with our proven model of business optimization, creating a curation and diversification solution unique to the cannabis investment community. We believe that Viridis Fund I is a sound and measured vehicle for cannabis entrance, while maintaining the upside potential that makes the cannabis economy so exciting.”
The Fund will be managed by new subsidiary First Capital Ventures, under renamed parent First Capital Holdings (“FCH”). Management services provider First Capital Xcelerator will continue its successful operations as FCH subsidiary First Capital Growth Partners.