On January 14th, Oakland-based ArcView Group, the first cannabis-focused angel investing network and the publisher of the State of Legal Marijuana Markets research, filed a Form D with the SEC indicating that it is raising $1.2mm. This is the first time that the company has raised capital under Regulation D, which allows companies to to offer and sell their securities without having to register the securities with the SEC.
The filing indicates that the sales, which have a minimum investment of $15K, began on December 10th and have resulted in total sales of $931K to five investors at the time of the filing. The company relied upon the Rule 506(b) exemption, which allows it to sell to an unlimited number of accredited investors and up to 35 non-accredited investors deemed to be sophisticated. According to CEO Troy Dayton, the company will announce the fundraise and some new initiatives at its next investor meeting, which takes place in Scottsdale on February 1st.
