PayPal Founder Peter Thiel Sinks $75 Million Into Marijuana
Silicon Valley venture capitalists are betting big on cannabis.
The Founders Fund, the $2 billion San Francisco venture fund run by PayPal co-founder Peter Thiel that made early investments in such brands as Facebook, has invested $75 million into a holding company with major stakes in several “pot-related brands,” according to the Associated Press.
The investment is in Privateer Holdings, which owns Website Leafly as well as Canadian medical marijuana producer Tilray, one of the few firms to hold a license from Canada’s government to grow cannabis.
The company is also launching a Bob Marley-branded line of marijuana and related products called Marley Natural — with permission from the musician’s family, of course.
Prior, the biggest capital haul of Privateer had been $22 million.
Any California legalization initiative is also likely to land cash from Thiel, who gave $70,000 to failed legalization measure Prop. 19 in 2010.