Connecticut’s venture capital fund is among the first institutional investors to jump into the growing cannabis business, committing $1.25 million to a manufacturer of edibles intended to enhance energy, focus and mental health.
Connecticut Innovations, which has more than 200 portfolio companies and $300 million in assets under management, invested in 1906 New Highs, which makes pills that combine “moderately dosed cannabis” with medicinal plants.
Connecticut Innovation invests in sustainable technology, or greentech, consumer and health care products, tech companies and venture funds with the goal of creating jobs in Connecticut. It’s taking a new direction into cannabis, viewing 1906 New Highs as an emerging area, said Lauren Carmody, vice president of marketing and communications.
“We like the science behind it,” she said. “It could open the door for other entrepreneurs.”
1906 New Highs’ products are focused on energy, cognitive focus, mental health and happiness and are alternatives to alcohol and pharmaceuticals, according to the company. Founder and Chief Executive Officer Peter Barsoom said products are not targeted for depression, which is a clinical condition.
According to the company, the pills promise “fast action” and “precision highs” to deliver a range of benefits, including greater energy and focus from plant medicines and caffeine; euphoria-inducing plant medicines to promote happiness; and an aphrodisiac to boost intimacy and arousal.
