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FocusGrowth Asset Management
John Lykouretzos has deployed $1.1 billion into cannabis credit since 2020, making FocusGrowth the sector's most active non-dilutive lender.
FocusGrowth Asset Management
FocusGrowth Asset Management operates as a specialty credit shop for US cannabis operators, a corner of the market defined by federal illegality, state-by-state licensing, and virtually no access to traditional bank lending. The firm commits capital predominantly through senior secured term loans, taking a private equity-style approach to oversight that includes rigorous monthly reporting and active risk management without pursuing a loan-to-own strategy. Its deployment figure — $1.1 billion as of Q1 2026 — includes recycled capital and refinancing activity, with roughly $330 million of that representing third-party capital that FocusGrowth did not manage but deployed alongside as lead or co-lead arranger (per the firm, Q1 2026). The portfolio skews toward multi-state operators with established track records. Named borrowing relationships include Jushi Holdings, which refinanced a $160 million senior secured facility through FocusGrowth and a loan syndicate in March 2026, and TerrAscend, which closed a $140 million senior secured term loan with them in August 2024 and upsized it by $79 million in July 2025 (per the firm, 2024–2026). The firm also provided an $11.1 million debt package to Body and Mind in 2021 and later extended that facility. Secondary bond purchases and selective equity co-investments round out the mandate, though credit remains the dominant allocation. The team counts nine professionals listed publicly, led by CEO John Lykouretzos and Partner Peter Bio, with Curtis Robbins as Principal and Brendan Driscoll handling COO/CFO duties. The group operates from a single office at 747 Third Avenue in New York. Adjacent vehicles or philanthropic structures are not disclosed. In March 2026, the firm acted through subsidiary FG Agency Lending LLC as administrative agent on Jushi’s refinancing, reinforcing its role as a recurring arranger for the middle tier of US cannabis operators. What distinguishes FocusGrowth is its emergence as a concentrated capital provider inside an industry that remains Federally illegal — meaning every loan sits outside the conventional banking system and requires navigating a patchwork of state regulations. That structural constraint has kept most institutional lenders away and concentrated cannabis credit origination among a handful of niche funds, giving FocusGrowth a sourcing advantage that compounds with each refinancing cycle.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
747 Third Avenue, Suite 3602, New York, NY 10017, United States
Principals
John Lykouretzos
CEO
Peter Bio
Partner
Curtis Robbins
Principal
Luke Perda
Senior Associate
Brendan Driscoll
COO/CFO
Steve Brusca
Controller
Jonathan Cheslock
Assistant Controller
Kate Sackas
Investor Relations
Jonathon Goldrath
Special Advisor
Sector focus
Frequently asked questions
Who runs investment decisions at FocusGrowth?
CEO John Lykouretzos leads the investment team alongside Partner Peter Bio and Principal Curtis Robbins. The firm's website describes a collaborative investment process backed by the leadership's combined institutional investing and cannabis operating experience, though it does not specify an investment committee structure or voting thresholds.
How does FocusGrowth source deal flow in the cannabis sector?
The firm cites its decade of hands-on industry experience and the reputational strength of its lending track record as the primary drivers of deal origination. Because federal illegality bars most traditional banks from cannabis lending, a limited number of specialty credit providers compete for mandates — FocusGrowth argues this compressed competitive set, combined with borrower and advisor relationships built across multiple refinancing cycles, produces differentiated access.
What portion of FocusGrowth's deployment is credit versus equity?
The mandate is overwhelmingly credit. The firm describes its capital as deployed 'predominantly across senior secured credit' and supplements that with selective equity co-investments and secondary bond purchases when it sees better risk-adjusted return profiles. Exact credit/equity split is not publicly broken out.
Does FocusGrowth manage third-party capital, or just proprietary?
About $330 million of the $1.1 billion deployment figure represents third-party capital deployed alongside FocusGrowth in deals where it acted as lead or co-lead investor. The firm states outright that it does not manage or make investment decisions for that third-party capital, and that these assets are not included in its regulatory AUM (per the firm, Q1 2026).
What is FocusGrowth's structural relationship to FG Agency Lending LLC?
FG Agency Lending LLC is a subsidiary of FocusGrowth Asset Management, LP that serves as administrative agent on syndicated term loans. It appeared in that role for the Jushi Holdings $160 million refinancing in March 2026, suggesting the firm uses a dedicated agency vehicle to structure its credit facilities.
Which geographies and operator types does FocusGrowth focus on?
The firm operates primarily in the United States across state-licensed cannabis markets. Its disclosed borrowers — Jushi, TerrAscend, Body and Mind — are all US-facing multi-state operators with footprints spanning cultivation, processing, and retail assets in markets such as New Jersey, Ohio, Illinois, Utah, and Nevada.
What led to the formation of FocusGrowth and its cannabis specialization?
The firm describes leveraging 'nearly half a century of combined institutional investing experience' alongside 'a decade of hands-on experience in the cannabis industry.' CEO John Lykouretzos has discussed the financing challenges of federally illegal markets and state-level regulatory complexity on industry podcasts, suggesting the founding thesis recognized a structural capital gap that conventional asset managers could not address.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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