Privateer raises $40M, exceeds $100M in total funding

Privateer Holdings, a cannabis-focused private equity firm in Seattle, announced Friday it has closed on $40 million in convertible bridge financing, bringing its fundraising total to $122 million.

The news marks the first time a cannabis-related investment company has raised more than $100 million, Privateer said in a press release. The funding increase reflects growing investor interest in cannabis-related businesses.

Privateer said it will use the money to launch new ventures, make strategic acquisitions and expand its three existing portfolio companies into new markets.

Mirth ProvisionsThe three companies are: Leafly, an online strain and dispensary guide that receives more than 10 million visitors per month; Tilray, a federally licensed Canadian medical cannabis producer that has been positioning itself as an overseas exporter of medical marijuana; and Marley Natural, a marijuana brand currently sold in stores in California and Oregon and will be available next month in Washington State.

Privateer’s previous funding rounds include a $7 million Series A raise in July 2013 and a $75 million Series B round in March 2015 that included a multimillion-dollar investment from Founders Fund, a venture capital firm.

In August, New York-based Tuatara Capital‘s announced it had raised $93 million to invest in marijuana business. Tuatara’s portfolio includes Willie’s Reserve, the cannabis brand backed country music legend Willie Nelson.

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