It’s official: Privateer Holdings has closed on its $75 million round of financing, capitalizing on a recent rush of investments in the cannabis industry.
The private equity firm – which owns the strain review site Leafly, the Canadian medical marijuana producer Tilray, and the cannabis brand Marley Naturals – plans to use the money to build its portfolio of marijuana offerings through acquisitions and geographic expansion.
The cash infusion appears to be the largest private equity deal in the marijuana space to date.
Privateer generated buzz in December after announcing that Founders Fund – started by PayPal co-founder Peter Thiel – would invest in the firm as part of its $75 million financing round. It also made waves last November when it partnered with reggae legend Bob Marley’s family to create the singer’s favorite strains.
Privateer said it has now raised $82 million in total financing.
The climate is ripe for fundraising, with investments in the marijuana industry jumping 942% in 2014, according to Inc.com.
The investments in Privateer are “an important step forward in finally ending cannabis prohibition,” said chief financial officer Michael Blue.