LOS ANGELES–(BUSINESS WIRE)–Sporos Capital Partners, an established Cannabis private equity firm, today announced that it has closed on its equity investment in Story Companies LLC, (“Story”) a privately-held Multi-State Operator (“MSO”) led by a proven team of operators with an unparalleled track record. Proceeds of the investment, from a Sporos affiliated vehicle, will be used to support the growth and expansion of Story’s vertically-integrated operations. The terms of the Sporos investment were not disclosed.
Story was founded by Jason Vedadi, an industry veteran, with a proven track record of successful cannabis operations and multiple successful exits. Story currently has operations in multiple states and is seeking to further expand into additional markets, through a combination of new license applications and strategic acquisitions.
“By making an eight-digit investment in Story we are staying true to our belief of investing in businesses with a clear and actionable strategy and, more importantly, in proven and sophisticated teams. Story checks both of these boxes,” said Nishant Machado, Founder and Managing Partner of Sporos Capital Partners. “We see partnering with Story as an opportunity to build on their established platform at an ideal time in the industry where being well capitalized will create significant value.”
“As a partner, Sporos brings not only valuable capital to accelerate our multi-state growth, but they also bring a strong team, across disciplines, to partner with our experienced management team,” said Jason Vedadi, CEO of Story. “The two teams coming together, with our platform and in this cycle, positions us to capitalize on opportunities and effectively execute on our strategic plan.”
The investment in Story complements other recent investments, by Sporos Capital Partners, which include Element 7, one of California’s largest independent Cannabis retail operators, LivWell, an established MSO in CO and MI and now merged with PharmaCann, Pamos Cannabis Spirits & Cocktails, a leading Cannabis beverage brand, and In the Weeds, an Enterprise Data and Risk Management Solution for the Cannabis industry.
Sporos Capital Partners is a Los Angeles-based private equity firm focused on deploying capital and services in the ever-emerging legal Cannabis industry. The Sporos team is comprised of M&A, restructuring and growth-oriented executives from across multiple industries. Sporos is solidifying its position as both a lead investor and operating partner to businesses in the industry, with an eye on continued investment in the space. The Sporos eco-system includes Sporos Advisory Group, which serves as a financial, strategic and operational resource, to portfolio companies, to accelerate value creation and as an advisor to other companies in the industry.