This tops the previous record raise of $75 million by Privateer Holdings. However, raising the money isn’t as easy as it sounds.
“There’s a big appetite to learn about the industry,” said Mark Riiska, chief operating officer at Tuatara, “But in terms of actually getting people to make a commitment was a bit of a different conversation.” People were happy to meet, but getting them to sign the check was a little more difficult.
“We did well considering the challenges of raising money in the cannabis industry,” said Riiska. Of course the main hurdle is asking people to invest in a company that is in an industry that is violating federal law.
The recent decision by the DEA to not change the designation of marijuana’s drug classification, doesn’t make the process of working with these companies any easier. [Read more at Forbes]