Marijuana businesses landed $215 million in venture capital investments last year, more than double the $97 million they secured in 2014, according to a new report from CB Insights.
The 2015 figure is even more impressive considering that venture capitalists put just $8.7 million into the cannabis space in 2013.
The growth reflects increased investor interest in marijuana companies as the industry becomes more mainstream and the risks of getting involved subside.
Cannabis-related venture capital investments in the first quarter of 2015 – which totaled $94 million – nearly matched the total for all of 2014.
While the sheer amount of money changing hands is noteworthy, the number of deals has increased rapidly as well. Venture capital investors inked 98 deals with cannabis companies in 2015, up from 63 in 2014. There were 30 deals in the fourth quarter of last year alone.
The marijuana industry is also seeing larger venture capital deals as well, with $5 million-$10 million investments in a single company becoming more common.