Joe Fresh founder stuffs his underwear drawer with $15 million in cannabis stock

Apr 9 2019, 4:03 pm

High Park Ventures, a private investment company under chairman Joe Mimran — the former Dragon’s Den entrepreneur and Joe Fresh clothing founder — is sinking $15 million into a private placement investment with Pivot Pharmaceuticals.

According to a press release, the closing of the deal will see Mimran join Pivot’s advisory committee along with High Park’s CEO Krisztian Toth, who will join Pivot’s board.

“We are thrilled to welcome Joe Mimran to Pivot’s advisory committee and receive the investment from High Park Ventures,” said Pivot’s CEO, Dr. Patrick Frankham. “With the investment and support provided by the High Park Ventures Team, we are able to implement and accelerate our initiatives.”

This isn’t the first pot-related venture for Mimran, who also invested in Tokyo Smoke’s parent company, Hiku Brands, and — after the company was acquired — sits as an independent director on Canopy Rivers.

High Park Ventures itself also has experience in the cannabis space. The press release credits the team as founding NettaGrowth International Inc., who obtained the first license to produce medical cannabis with THC for commercial use in Uruguay. NettaGro was sold to Khiron Life Sciences Corp. on January 25, 2019.

“We are excited to work with the Pivot Team,” said Toth, on her new role,” and assist them with the development, commercialization and branding of premium quality cannabinoid-based nutraceuticals and pharmaceuticals and leveraging the worldwide rights of their patented drug delivery technologies.”