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.
The 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.
Add a Comment