Newly formed asset manager Cassidy Asset Management Inc. launched its first cannabis-focused fund.
Cassidy Fund 1 LP is expected to close during the first quarter of 2019. It will provide capital to early-stage companies in the medical and recreational cannabis markets.
Toronto-based Cassidy was founded by Rick Meslin and Michael Krestell.
Meslin most recently worked at Wells Fargo Securities Canada Ltd., managing its Canadian-based equities sales and trading group. Krestell is the co-founder of Cronos Group Inc. and was a board member until July.