Altitude Investment Management's partners.

Courtesy of Altitude Investment Management

Altitude Investment Management is raising over $100 million for its second cannabis-focused fund, according to people familiar with the matter.

The fund is a sizeable increase over its first $30 million fund which closed last year.

Altitude joins a long list of cannabis venture funds that are raising millions to go after growth-stage startups.

Venture capital funds focused on startups in the rapidly growing cannabis industry are raising boatloads of capital, and Altitude Investment Management is no exception.

The New York City-based firm is looking to raise over $100 million for its second cannabis fund, according to people familiar with the matter. 

Altitude's second fund is set to be a substantial increase over its first. The firm's first fund closed at $30 million last year and is deployed across 16 companies in the cannabis sector, including BDS Analytics, a data firm, and Front Range Biosciences, a biotech startup. 

Read more:

The top 12 venture-capital firms making deals in the booming cannabis industry that's set to skyrocket to $75 billion

The fund's partners include John Brecker and Michael Goldberg, who both worked at the $2.7 billion Longacre Fund Management, Roderick Stephen, who founded Longacre's UK group and worked at Citadel Investment Group, and Jon Trauben, a commercial real estate veteran who did stints at Barclays and Credit Suisse.  
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