PayPal Co-Founder to Invest in Cannabis

PayPal co-founder and early Facebook investor Peter Thiel plans to pump money into the marijuana industry.

Thiel will invest in a Series B round of financing for Privateer Holdings, a cannabis-focused private equity firm that is attempting to raise $75 million, according to a report by Business Insider.

Seattle-based Privateer reportedly has already raised a significant chunk of the $75 million and expects to hit its goal within the next two weeks.

Privateer has said it plans to raise $111 million in 2015 and $440 million in 2016. The firm invests, acquires and starts cannabis companies in the United States and Canada.

It currently runs several marijuana-related firms including Leafly – a site that provides strain reviews and dispensary listings – and Tilray, which grows, tests and ships medical cannabis to registered patients in Canada.

It’s also working with the family of reggae legend Bob Marley to launch a company selling ancillary products and some of the singer’s favorite strains.

2 comments on “PayPal Co-Founder to Invest in Cannabis
  1. Kevin Spence on

    This would be ONE you wanna jump on, IF you’re serious about being on the cutting edge of the industry and LEADING the industry instead of being a “me too” type of investment.

    Reply
  2. artorelli on

    I agree with you Kevin Spence, and also, I am very disappointed on how wishy washy our government and law inforcement has been getting with the MMJ INDUSTRY, when in fact that this is exactly what our country needs to pull our asses out of the hole!

    Reply

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