Trivergance Investments of New Jersey has bought a controlling interest in The Arcview Group, a cannabis industry investor network whose leadership includes Lindy Snider, the Philadelphia philanthropist and entrepreneur.
Arcview was co-founded by Philadelphia-born Steve DeAngelo, a longtime cannabis activist who established Harborside, a weed dispensary in Oakland, Calif.
Arcview is comprised of more than 600 high-networth individuals who sift through hundreds of marijuana startups before placing large bets on the companies working in one of the “most growth-focused sectors to emerge in this century,” said CEO Troy Dayton in a statement.
Founded in 2010, Arcview claims to be the largest group of investors in the cannabis sector. The cannabis angel investment network and research firm has helped more than 1,500 members invest over $260 million into some 200 companies including notable ones like Ebbu, Tokyo Smoke, and MJ Freeway.
In the latest funding round, the Fort Lee-based Trivergance joined Texas-based Cresco Capital Partners to complete a $7.7 million round of Series A financing in Arcview.
“For the last nine years, Arcview has been able to bring together cannabis investors and entrepreneurs,” said Dayton. "Arcview now has the funding and new partners to enhance its its current program and expand offers to those becoming involved in the industry. "