Smart Ventures Inc said it has already engaged the services of a veteran fund manager to undertake the initial private placement capital fundraising of $100 million for Cannabis Funding Group or CFG, a statement about the matter said.

Based in Colorado, CFG is a wholly-owned subsidiary of Smart Ventures and a strategic investment partner for entrepreneurs in various businesses that are related to cannabis. Already, LPs have already given their initial commitments for the fund. CFG has also begun pledging commitments to make equity investments of at least $50,000 in new portfolio firms in the early or late stages operating in a state in the US or Canada where medical marijuana is legalized, the statement said.

CFG also forges joint ventures with those companies that need starting capital that would allow them to begin or grow their operations. In the event that firms operating in the cannabis space want to go public but the initial capital from the fund is not enough, the company said they have strategic partners that would give the necessary assistance to the startup, the statement said.  

The fund will look for opportunities to invest among medical marijuana retail outlets, cannabis tracking technology, payment processing, vaporizer oil & pens, edibles, vending machines, production equipment cannabis market-related real estate and other services that have something to do with the cannabis industry, the statement said.

Smart Ventures Chief Executive Officer Roger Smith said in the statement, "We are excited about the diversification into the private equity space for the medical marijuana industry. As a cancer survivor, I strongly support the initiatives going on in the country to legalize medical marijuana to relieve the suffering and pain for so many medical illnesses such as cancer, Alzheimer's and seizures and this has championed the cause for me."

Smart Ventures describes itself as a strategic investments growth partner in the cannabis industry. It also has operations in the energy space, providing engineering extended reach drilling services, acquisition, production and exploration of the oil, gas and minerals around the world, the statement said.