On June 12, 2017, the MedMen Opportunity Fund, a California-based private equity fund focused on the legal marijuana industry, filed Form D with the United States Securities and Exchange Commission, indicating that it had raised approximately $60 million of its $100 million offering.

According to the filing, the MedMen Opportunity Fund raised the $60 million from 87 investors, with an individual investment minimum of $25,000.

MedMen closed the offering on May 31 because it didn’t think it would be fair to initial investors for the fund to take on more investors when the fund’s $10 million equity investment in MedReleaf (TSX:LEAF) had just turned into $33 million upon MedReleaf’s initial public offering on the Toronto Stock Exchange on May 30, as reported by the Los Angeles Business Journal.

The MedMen Opportunity Fund was launched in the summer of 2016, with the first sale happening on June 20, 2016.

While MedMen Chief Executive Adam Bierman had high hopes to hit the $100 million target within a year, a spokesman for the company has tempered Bierman’s initial optimism.

“He might have been a bit ambitious based on how things were going at the time,” said Daniel Yi, a MedMen spokesman, to LABJ. “But the fund’s range was always up to $100 million with a (one) year period to close.”

On May 8, 2017, Morgan Sokol, Director of Compliance at MedMen, filed paperwork to register a new fund, the MedMen Opportunity Fund II, with the California Secretary of State’s office.

MedMen has estimated that California’s newly legalized recreational marijuana market will generate $8.38 billion in annual sales.