Snoop Dogg Looking to Invest in Cannabis Companies

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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.