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The Next Vintage of U.S. Cannabis Investing

An Esoteric Asset Class. Unless you’re in the industry day in and day out, it’s tough to know what makes a winning investment in U.S. Cannabis. For starters, you need to understand that the U.S. cannabis market is not one market – its 42 distinct markets. Every state with a legalized cannabis program has different and constantly evolving regulations and stages of maturity. Even different municipalities within states can differ in these regards. With such complexity, investors must be well versed in state regulations and be able to anticipate market shifts to adjust their investment strategies appropriately.

The Past Vintage. The past 5 years of investing in U.S. cannabis have been marked by big bets on federal legalization. Rash spending with high-leverage loans and elevated equity valuations coming down to earth have spurred negative headlines and scared investors. Still, the industry has grown 10-15% per annum (BDSA). So, there’s winners out there somewhere, right?

The Next Vintage. Altmore Capital, a private debt lender with over $350mm+ of private debt financings led in U.S. cannabis, has been investing senior-secured debt in the space for 5+ years. With a wealth of experience and strong track record, Altmore believes the next vintage of winning cannabis investments will prioritize downside protection and current return while selectively participating in the upside of emerging operators via warrants. Founded in 2018 by former Carlyle Group, McKinsey & Company, and Williams and Connolly executives, Altmore has continually iterated upon its senior-secured debt investment structures to take advantage of market dynamics.

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