LogoCANOPY
Request Deck
LICENSEDPENDINGTARGET
FUND COORDINATES // 48°N 97°W → 25°N 122°W
$0MCapital Deployed

Mapping Capital
to Canopy.

Institutional capital deployed into licensed cannabis operations across emerging legal markets — seed rounds to Series B, soil to shelf.

Download the Thesis DeckExplore the Fund
0
Portfolio Companies
0
Licensed Markets
2019
Vintage Year
Series B
Max Stage
SCROLL
SECTION 01 // FUND ARCHITECTURE

Capital Flow Schematic

CANOPY CAPITAL PARTNERS — SUPPLY CHAIN SCHEMATIC — REV.C
■■■
LP CAPITALSEED→ASERIES A→BGROWTHEXPANSION◈LPCOMMITMENT⬡CANOPYFUND◉CULTIVATION◈EXTRACTION⬡DISTRIBUTION◉DISPENSARY
LP COMMITMENT
Family Office & Institutional
CANOPY FUND
SPV Structure / J-Curve Mgmt
CULTIVATION
Indoor & Greenhouse Ops
EXTRACTION
Processing & Manufacturing
DISTRIBUTION
Wholesale & Logistics
DISPENSARY
Licensed Retail Ops
§ 01

Regulatory Arbitrage

We deploy ahead of adult-use legalization, acquiring equity at medical-only valuations. When recreational frameworks pass, portfolio multiples expand without additional capital at risk.

§ 02

Vertical Integration Premium

Operators controlling cultivation through retail command 40–60% gross margin advantages over single-tier players. Canopy structures investments to capture margin at every transfer point.

§ 03

Compliance as Moat

License scarcity in capped markets creates durable competitive advantages. Our legal and compliance team underwrites every portfolio company before term sheet — plant-touching expertise from day one.

SECTION 02 // REGULATORY MAPPING

Market Status & Regulatory Timeline

MKT
STATE / PROVINCE
STATUS
LEGAL YR
SIZE (EST)
REGULATORY TIMELINE →
CA
California
Mature Adult-Use
Licensed
2016
$5.4B
3 cos
CO
Colorado
Mature Adult-Use
Licensed
2012
$2.1B
2 cos
OR
Oregon
Stable Adult-Use
Licensed
2014
$1.2B
2 cos
WA
Washington
Mature Adult-Use
Licensed
2012
$1.8B
1 co
IL
Illinois
Growth Phase
Licensed
2019
$1.5B
2 cos
MA
Massachusetts
Growth Phase
Licensed
2018
$0.9B
1 co
NJ
New Jersey
Early Adult-Use
Licensed
2021
$0.7B
1 co
NY
New York
Ramp Phase
Licensed
2021
$4.2B
2 cos
TX
Texas
Medical Expansion
Pending
2026E
$8.1B
FL
Florida
Adult-Use Vote
Pending
2025E
$6.3B
PA
Pennsylvania
Legislative Review
Pending
2025E
$2.8B
* Market size estimates based on BDSA projections, 2025. Timeline bars represent regulatory maturity relative to fund deployment window.
$38.4B
Total Addressable Market
Licensed States Only
11
Active Legal Markets
Fund Deployment Scope
4
Pending Legalization
Pre-Position Opportunity
2026
Next Wave Estimate
TX + FL Adult-Use
SECTION 03 // PORTFOLIO CROSS-SECTION

Portfolio Architecture & Allocation

CROSS-SECTION VIEW — STAGE ALLOCATIONSCALE 1:NTS
STAGE →SEED STAGE$500K – $2M4 investmentsSERIES A$2M – $8M6 investmentsSERIES B$8M – $25M4 investments38%27%22%13%PORTFOLIO ALLOCATION BY VERTICAL
ALLOCATION DETAIL — 14 ACTIVE POSITIONS
Cultivation
Indoor, greenhouse, and outdoor licensed grows
38%
5 companies
Processing & Extraction
CO₂ and ethanol extraction, manufacturing
27%
4 companies
Licensed Retail
Single and multi-location dispensary operators
22%
3 companies
Distribution & Logistics
Intrastate wholesale and cold chain logistics
13%
2 companies
PORTFOLIO SUMMARY
$247M
Deployed
14
Positions
2.1×
MOIC (Realized)
SECTION 04 // PERFORMANCE & RETURNS

Return Scenario Analysis

Modeled over a 5-year deployment horizon with a 2-year harvest period. Scenarios account for market maturation pace, regulatory event risk, and portfolio company exit timing.

IRR SCENARIO PLOT — 5-YEAR FUND HORIZON
Base Case
Bull Case
Bear Case
80%60%40%20%Yr0Yr1Yr2Yr3Yr4Yr5Yr6← DEPLOYMENT PHASEHARVEST PHASE →
BASE CASE
22%
Net IRR
2.4×
MOIC
BULL CASE
34%
Net IRR
3.8×
MOIC
BEAR CASE
11%
Net IRR
1.6×
MOIC
FUND TERMS
StructureDelaware LP
Management Fee2.0% p.a.
Carried Interest20%
Preferred Return8% Hurdle
Fund Life7+2 Years
Min. Commitment$500K
REALIZED EXITS — SELECTED PORTFOLIO
COMPANY
MKT
VERTICAL
ENTRY
EXIT
MOIC
IRR
PacNW Botanicals
OR
Cultivation
2020
2023
3.1×
38%
Meridian Dispensaries
CO
Retail
2019
2022
2.4×
26%
Cascade Extracts
WA
Processing
2021
2024
1.9×
22%
Midwest Cultivar
IL
Cultivation
2020
2024
2.7×
31%
SECTION 05 // FUND ACCESS

Download the Thesis Deck

Proprietary market maps, regulatory risk matrices, and return modeling for accredited investors and qualified institutional buyers.

THESIS DECK REQUEST FORM

For accredited investors and qualified institutional buyers only.

DECK CONTENTS
◈Proprietary regulatory state maps
◈Market sizing by vertical segment
◈Fund structure & LP economics
◈Portfolio company case studies
◈Return scenario modeling
◈Compliance framework overview
◈Team & advisory board bios
NOT READY TO COMMIT?
Subscribe to the Quarterly Map

Regulatory updates, market intelligence, and portfolio news — delivered quarterly to serious allocators.

This communication does not constitute an offer to sell or a solicitation of an offer to buy any securities. Past performance is not indicative of future results. Cannabis investments involve significant risk.