Another day, another celebrity jumping into the marijuana industry.
Rapper Calvin Broadus Jr., aka Snoop Dogg, is hoping to raise $25 million to invest in the cannabis industry, Tech Crunch reported.
Broadus has already invested in Reddit and trading platform Robinhood. His investment in marijuana will likely be put into ancillary technology companies, according to the news site.
Other celebrities who have previously espoused their love for marijuana are getting involved on the business end as well.
Bob Marley’s family has teamed with Privateer Holdings to stamp the reggae legend’s name on marijuana strains that he enjoyed, and Cypress Hill rapper Louis Freese, better known as B-Real, last week was awarded a license to operate a dispensary in Santa Ana, California.
And it’s not just celebrities – big money is flowing into the cannabis space as acceptance of legalization widens. Founders Fund, run by PayPal co-founder Peter Thiel, has put money into the industry, as has Y Combinator, a business accelerator that helped get Reddit, Airbnb and Dropbox off the ground.
BANKING SERVICES: Still the strategic obstacle for all these ancillary and supporting businesses. However, the investment is a very positive indicator that this movement is not going away, and hopefully eliminate the Schedule I classification!
Data and technology will continue to improve/evolve as the business models move toward commercialization to exploit economies of scale.
GreenAML wants to hear from you on this issue: If you know of a financial instituion currently servicing marijuana related businesses OR know a bank or credit union interested in doing it right contact us http://www.greenaml.com/rsvp.
Thank you!
This publication panders and caters to big businesses and acts as if all this stuff is a done deal and everyone is going to get mega rich. However, other celebrities have invested with not so great luck. Montell Williams is the celebrity grower supplying the 3 dispensaries (also funded by him to some degree) here in DC and they are all losing money. People with more than enough power and money who don’t really need more seem to want to take over what has traditionally been a small business venture. I’m losing hope for the little guy.
What is the point of this article? That some celebrities want to invest in legal cannabis? Wouldn’t it add to your credibility by publishing an article that notes Mr. Broadus’ interest in the industry is obvious based upon his first felony conviction for possession and sale of illegal narcotics in 1999 and his claims of smoking 80 blunts per day. However, his felony conviction, later compounded by a “no contest,” meaning guilty plea on two more felony counts for illegal drug and gun possession by a felon should be enough to exclude Mr. Broadus’ money from being accepted by any credible businesses in the industry. As an individual, Snoop is a great guy. However, promotion or money from individuals with his credentials only mar the integrity of the industry we are all trying to build.
My tribe or reservation have legalize MMJ but we still have to make it legal on paper.. So excited it finally brinbg an economy to Indian country.