Terracotta

Recorded holdings / transactionsWest Palm Beach lender (Nasdaq: AFCG), founded July 2020; ~$800M in cannabis loans originated across private credit + a publicly traded commercial-mortgage REIT vehicle. Maintained ~18% weighted-average portfolio yield in 2025 despite scarce capital; renewed an FDIC-insured bank credit facility; Q1 2025 earnings dragged by underperforming legacy loans with uncertain recovery. Example deal: $15M senior secured facility to Story Ohio.

Analytical noteIncluded because the cited sources describe this transaction or exposure: West Palm Beach lender (Nasdaq: AFCG), founded July 2020; ~$800M in cannabis loans originated across private credit + a publicly traded commercial-mortgage REIT vehicle. Maintained ~18% weighted-average portfolio yield in 2025 despite scarce capital; renewed an FDIC-insured bank… This record does not by itself establish current ownership, valuation, or future intent.

Recorded holdings / transactions$1.8 billion for 45% stake in Cronos Group (December 2018); warrant to increase to ~55% at C$19/share

Analytical noteIncluded because the cited sources describe this transaction or exposure: $1.8 billion for 45% stake in Cronos Group (December 2018); warrant to increase to ~55% at This record does not by itself establish current ownership, valuation, or future intent.

Recorded holdings / transactions$50 million combined investment (December 2018) in Fluent Beverage joint venture (50/50); dissolved 2022; Tilray acquired 8 A-B craft beer brands for $83.4M (October 2023)

Analytical noteThe brewer tested non-alcoholic cannabinoid beverages through a 50/50 venture. The venture ended; Tilray's later beer-brand purchase added distribution and brands, not a continuing Anheuser-Busch cannabis partnership.

Recorded holdings / transactionsAyr Wellness (AYR.A) restructured ~$400M of debt (Feb 2024) and entered a July 30, 2025 Restructuring Support Agreement handing ownership to senior noteholders; Millstreet Credit Fund LP is the largest single shareholder. Market cap collapsed from ~$160M (2019) to ~$14M (Aug 2025) — legacy equity wiped out, creditors on top of the cap table.

Analytical noteIncluded because the cited sources describe this transaction or exposure: Ayr Wellness (AYR.A) restructured ~$400M of debt (Feb 2024) and entered a July 30, 2025 Restructuring Support Agreement handing ownership to senior noteholders; Millstreet Credit Fund LP is the largest single shareholder. Market cap collapsed from ~$160M (2019) to ~$14M (Aug… This record does not by itself establish current ownership, valuation, or future intent.

Recorded holdings / transactionsC$221 million (~19.9%) stake in Organigram Holdings (2021); follow-up C$124.6M investment increasing stake (2023)

Analytical noteBAT paired a strategic stake with cannabinoid-product research as cigarette demand declined. The investment shows diversification interest; it does not establish a U.S. plant-touching operating position.

Recorded holdings / transactionsCo-led the $50M round in Metrc/Franwell (seed-to-sale track-and-trace, minority stake); Metrc merged with BioTrack Aug 2025. ~47 investments incl. Dutchie, Merry Jane, Trellis, LeafLink; latest Series A into UK medical-cannabis firm MAMEDICA (Sep 2025); exited Europe's Sanity Group (Apr 2026). Fund II closed at $100M (2020), portfolio value ~$200M.

Analytical noteIncluded because the cited sources describe this transaction or exposure: Co-led the $50M round in Metrc/Franwell (seed-to-sale track-and-trace, minority stake); Metrc merged with BioTrack Aug 2025. ~47 investments incl. Dutchie, Merry Jane, Trellis, LeafLink; latest Series A into UK medical-cannabis firm MAMEDICA (Sep 2025); exited Europe's Sanity… This record does not by itself establish current ownership, valuation, or future intent.

Recorded holdings / transactionsChicago Atlantic Real Estate Finance (Nasdaq: REFI) held ~$411M outstanding loan principal at YE2025, ~16.3% gross portfolio yield, 100+ cannabis loans closed. Platform has sourced >$3.2B in credit facilities (~$2.5B to cannabis operators) since inception; ~20% of the U.S. cannabis debt market; ~$616M near-term pipeline at Dec 31, 2025. Lends primarily to state-licensed operators in limited-license states, secured by real estate.

Analytical noteIncluded because the cited sources describe this transaction or exposure: Chicago Atlantic Real Estate Finance (Nasdaq: REFI) held ~$411M outstanding loan principal at YE2025, ~16.3% gross portfolio yield, 100+ cannabis loans closed. Platform has sourced >$3.2B in credit facilities (~$2.5B to cannabis operators) since inception; ~20% of the U.S.… This record does not by itself establish current ownership, valuation, or future intent.

Recorded holdings / transactions$190 million (2017) + $4 billion CAD ($5B CAD total, $4B USD equivalent closing November 2018) for 37% stake in Canopy Growth

Analytical noteIncluded because the cited sources describe this transaction or exposure: $190 million (2017) + $4 billion CAD ($5B CAD total, $4B USD equivalent closing November 2018) for 37% stake in Canopy This record does not by itself establish current ownership, valuation, or future intent.

Recorded holdings / transactionsGotham Green Partners — late-stage/mezzanine cannabis credit + equity; portfolio incl. MedMen (notorious loss), Flow Kana, FORIA. Merida Capital Holdings — growth/late-stage PE; portfolio incl. Cresco Labs, Jushi, Leafly. Poseidon Asset Management — one of the oldest multi-stage cannabis funds (private + public). Entourage Effect Capital (ex-Cresco Capital Partners) — >$200M into 65+ companies since 2014. Silver Spike (Nasdaq: SSIC) — cannabis credit BDC betting on the debt-supply imbalance.

Analytical noteIncluded because the cited sources describe this transaction or exposure: Gotham Green Partners — late-stage/mezzanine cannabis credit + equity; portfolio incl. MedMen (notorious loss), Flow Kana, FORIA. Merida Capital Holdings — growth/late-stage PE; portfolio incl. Cresco Labs, Jushi, Leafly. Poseidon Asset Management — one of the oldest multi-stage… This record does not by itself establish current ownership, valuation, or future intent.

Recorded holdings / transactionsFounded 1993 by Jeff Wells for the RFID market; spun out Metrc in 2013 to serve Colorado's cannabis enforcement division. Franwell retained a MAJORITY stake in Metrc after the 2018 Tiger Global/Casa Verde round; Wells was Metrc CEO to 2022 and chairs the board. Metrc acquired BioTrack (Aug 2025), consolidating the track-and-trace market.

Analytical noteIncluded because the cited sources describe this transaction or exposure: Founded 1993 by Jeff Wells for the RFID market; spun out Metrc in 2013 to serve Colorado's cannabis enforcement division. Franwell retained a MAJORITY stake in Metrc after the 2018 Tiger Global/Casa Verde round; Wells was Metrc CEO to 2022 and chairs the board. Metrc acquired… This record does not by itself establish current ownership, valuation, or future intent.

Recorded holdings / transactions$7.2 billion acquisition of GW Pharmaceuticals (February 2021); $220/ADS ($200 cash + $20 Jazz shares)

Analytical noteJazz acquired the company behind Epidiolex, an FDA-approved CBD medicine. This is confirmed pharmaceutical cannabinoid exposure, not a claim that Jazz controls the broader CBD market.

Recorded holdings / transactionsCEO/co-founder Jim Cacioppo held ~19.9% (Mar 2025); cannabis-financing angel Denis J. Arsenault ~10.1% (Feb 2025). Institutional backing from One East Capital Advisors LP and Nomura Global Financial Products. Merida Capital Holdings (cannabis PE) also lists Jushi in its portfolio. NOTE: no 'Cohen family' backing found for Jushi — that association appears to be a false premise (Cohen ties are to other cannabis names, not Jushi).

Analytical noteIncluded because the cited sources describe this transaction or exposure: CEO/co-founder Jim Cacioppo held ~19.9% (Mar 2025); cannabis-financing angel Denis J. Arsenault ~10.1% (Feb 2025). Institutional backing from One East Capital Advisors LP and Nomura Global Financial Products. Merida Capital Holdings (cannabis PE) also lists Jushi in its… This record does not by itself establish current ownership, valuation, or future intent.

Recorded holdings / transactionsVia Millstreet Credit Fund LP: acquired The Cannabist Company's entire Virginia business — 6 Richmond-area retail locations + ~82,000 sq ft cultivation/processing + the sole 'pharmaceutical processor' permit — for $130M (announced Dec 2025, closed Feb 2026), outbidding Curaleaf in Cannabist's bankruptcy go-shop. Separately, Millstreet Credit Fund LP is the LARGEST single shareholder of MSO Ayr Wellness, having converted distressed debt to equity.

Analytical noteIncluded because the cited sources describe this transaction or exposure: Via Millstreet Credit Fund LP: acquired The Cannabist Company's entire Virginia business — 6 Richmond-area retail locations + ~82,000 sq ft cultivation/processing + the sole 'pharmaceutical processor' permit — for $130M (announced Dec 2025, closed Feb 2026), outbidding Curaleaf… This record does not by itself establish current ownership, valuation, or future intent.

Recorded holdings / transactionsTruss CBD USA joint venture (majority Molson Coors, launched 2020 Colorado); Truss Canada (50/50 split, 2018); U.S. operations wound down December 2022

Analytical noteMolson Coors tested non-alcoholic hemp/CBD beverages in the U.S. and Canada, then wound down the ventures. The retreat illustrates regulatory uncertainty rather than a current cannabis holding.

Recorded holdings / transactions$6.7 billion acquisition of Arena Pharmaceuticals (December 2021); $100/share all-cash

Analytical notePfizer acquired Arena primarily for its immunology pipeline; Arena also held an investigational cannabinoid-receptor asset. The cannabinoid exposure was indirect and should not be presented as Pfizer entering the cannabis market wholesale.

Recorded holdings / transactionsUp to $650 million for Israeli Syqe Medical cannabis inhaler developer (July 2023); $120M upfront for FDA approval support; $20M prior investment in 2016

Analytical notePMI backed a possible staged transaction involving Syqe's metered-dose medical-cannabis inhaler. Public descriptions included regulatory milestones, so this record is a strategic commitment—not proof that every contingent payment or acquisition step closed.

Recorded holdings / transactions$1.44 billion acquisition of Vectura Group (2021), UK inhaled-drug delivery specialist; strategic foundation for Syqe Medical acquisition

Analytical noteIncluded because the cited sources describe this transaction or exposure: $1.44 billion acquisition of Vectura Group (2021), UK inhaled-drug delivery specialist; strategic foundation for Syqe Medical This record does not by itself establish current ownership, valuation, or future intent.

Recorded holdings / transactionsCo-led (with Casa Verde) the $50M Metrc/Franwell round in 2018; led the $200M Series C for cannabis e-commerce platform Dutchie at a $1.7B valuation (with Dragoneer, DFJ Growth). No confirmed plant-touching MSO equity — exposure is via ancillary tech.

Analytical noteIncluded because the cited sources describe this transaction or exposure: Co-led (with Casa Verde) the $50M Metrc/Franwell round in 2018; led the $200M Series C for cannabis e-commerce platform Dutchie at a $1.7B valuation (with Dragoneer, DFJ Growth). No confirmed plant-touching MSO equity — exposure is via ancillary This record does not by itself establish current ownership, valuation, or future intent.

Recorded holdings / transactionsBankrolled Florida's Smart & Safe Florida committee: ~$141.9M of $149.7M raised for the 2024 Amendment 3 adult-use ballot drive (total spend topped ~$145M); the amendment failed the 60% threshold. Poured another $19.6M+ into a renewed Smart & Safe Florida push (Q1 2025), but all 22 citizen initiatives — including cannabis — failed to hit the ~880,062-signature bar for the Nov 2026 ballot (per FL Secretary of State, Feb 1 2026). Also cited as the largest funder behind federal marijuana-rescheduling lobbying.

Analytical noteIncluded because the cited sources describe this transaction or exposure: Bankrolled Florida's Smart & Safe Florida committee: ~$141.9M of $149.7M raised for the 2024 Amendment 3 adult-use ballot drive (total spend topped ~$145M); the amendment failed the 60% threshold. Poured another $19.6M+ into a renewed Smart & Safe Florida push (Q1 2025), but all… This record does not by itself establish current ownership, valuation, or future intent.