Altitude Investment Partners LP’s has made recent cannabis industry investments. During the period of March through August 2018, Altitude invested in 10 companies: six of which were add-on investments to existing portfolio companies and four were investments in companies new to the Altitude portfolio.

The Altitude portfolio now consists of investments in 15 companies. The following is a summary of a selection of notable recent investments.

BDS Analytics

Altitude made an add-on investment as co-lead in BDS Analytics’ Series B Preferred Stock $3.5 million capital raise. BDS is the leader in cannabis business intelligence.

This funding places BDS in a very strong position to execute the national expansion of its GreenEdge software and to roll out its Consumer Insights and Industry Intelligence services to a much broader client base. Using the GreenEdge sales tracking software, BDS Analytics is able to generate actionable insights pulled from hundreds of dispensary partners’ point-of-sale systems and closely study the behaviors and psychographics of cannabis users through its consumer insights group. Its industry intelligence services enables the company to make accurate market-wide financial projections and help the cannabis industry make better informed decisions. We are very impressed with the management team. Based on extensive experience in other industries, BDS Analytics has developed proprietary software and services that provide its clients with really useful data and insights. Its value is reflected in the rapid growth and diversification of the BDS Analytics client base.

Canndescent

Altitude made an add-on investment in Canndescent’s Series C Convertible Note $13 million capital raise. Canndescent closed 2017 as the #1-selling brand of cannabis flower in California with its market-leading effects—Calm, Cruise, Create, Connect and Charge and is taking that success to the vape and ingestible categories. Canndescent is a leading modern cannabis company by combining world-class management with best practices from consumer-packaged goods, advanced agriculture, and luxury lifestyle marketing. The company is commencing a multi western-state expansion strategy. We took a small position in Canndescent’s Series B Preferred Stock raise and have increased our investment significantly based on the milestones the company has achieved in such a short period of time.

Grassroots Cannabis (AES Compassionate Care PA and Grassroots Compass Ventures IL)

Altitude made separate investments in both AES Compassionate Care Pennsylvania and Grassroots Compass Ventures Illinois. Each is fully licensed, vertically integrated cannabis companies that are active in cultivation, extraction, manufacturing and retailing. Both companies are managed by the same management team. Our investments in multi-state vertically integrated operators will allow us to participate in the growth and value creation as the medicinal markets grow, new patients are added, and new approvals for qualifying conditions increase the patient base. Additionally, large upside exists when a planned rollup takes place and as these states legalize adult use.

Flowhub

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