The company’s technology will help grow a marijuana industry that’s currently a relatively small and fragmented industry in the U.S.
A group of tech investors has been looking to capitalize on the cannabis industry’s rapidly growing popularity.
The Boston-based Venture Capital Partnership (VCP) is aiming to raise at least $300,000 in a new seed round, according to a regulatory filing.
The group says its mission is to “transform the marijuana industry through technology.”
The VC firm is looking to build out a team of eight to nine cannabis-related entrepreneurs, with a focus on the U to K markets.
The Boston-area area has a high concentration of marijuana-related startups, including a medical marijuana dispensary and a growing cannabis tech company called Emerald, the report said.
Emerald’s founder and CEO, James Schindler, is also the CEO of the marijuana startup ArcView Group.
The cannabis-focused startup, which is based in the Boston area, was recently awarded a $1.5 million grant by the federal government to develop its product and services.
The government’s National Institute of Drug Abuse has said the drug is currently the most popular recreational drug in the country.VCP says its team will focus on two of the main areas that could help grow the cannabis sector: medical marijuana and the recreational market.
The company says the team will also focus on growing and distributing its products to the U-2s and other U.s, as well as the medical market.
Vince Kondek, who is advising the group, said in a statement that the company’s vision for the company is to be the “Uber of cannabis,” according to the Globe and Mail.
“We will be working closely with our partners to identify the best products, best business models, and best markets for our cannabis companies, to help them achieve the largest possible impact and be successful,” he wrote.
The company’s application states that the goal is to create “a robust cannabis ecosystem, enabling growth and innovation for all companies in the marijuana space.”
Kondek said in the filing that VCP is seeking “to establish a highly successful marijuana ecosystem,” noting that the group wants to focus on “growth, value creation, and revenue generation.”
The company is also looking to “explore new revenue streams to further scale and support the company,” according the filing.
The VC firm has raised at least some $500 million in venture capital in the past.
It was the second-largest seed-round in Boston history in 2017, with more than $1 billion in venture funding.
In October, the company also raised more than a billion dollars in a Series C round led by Andreessen Horowitz.
The startup also has a number of other projects in development, including marijuana testing and medical-testing applications.