WASHINGTON: Peter Thiel, one of the early investors in Facebook, Lyft and Spotify, is turning his attention to marijuana.
Founders Fund announced Thursday that it has made a multi-million-dollar investment in Privateer Holdings, the world’s first private equity firm investing exclusively in the legal cannabis market. Founders Fund is backed by Peter Thiel, a co-founder of PayPal. Founders Fund has more than $2 billion in assets under management.
“Founders Fund is known for making some of the most lucrative and radically transformational investments of the past decade,” Privateer Holdings CEO Brendan Kennedy said in announcing the deal. “With this investment they are signaling that they, like us, believe that the end of prohibition and the social harms it causes is inevitable.”