Privateer raises $58 million to boost marijuana expansion

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

Marijuana-centric private equity company Privateer Holdings – coming off a $122 million funding year – has increased its coffers with a significant raise of $58 million.

The Seattle-based company’s recent Series B raise is a combination of equity and a convertible note, GeekWire reported.

In 2016, Privateer became the first marijuana company to raise more than $100 million, and its latest funding brings the seven-year-old firm’s total to $180 million.

Privateer owns U.S. cannabis companies Leafly and Marley Natural as well as Canadian medical marijuana licensed producer Tilray. Tilray recently said it will invest 30 million Canadian dollars ($24 million) in a large-scale production facility in Ontario, Canada.

Last year, Tilray became the first North American company to export medical cannabis overseas, to Croatia, and has since exported MMJ to several countries, including Australia, New Zealand,  Chile and Cyprus.

Privateer employs more than 500 people in seven U.S. states and seven countries, according to GeekWire.