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.

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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.