Search Results for: Peter Thiel

Peter Thiel’s Fund Invests In Marijuana Equity Firm

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.”

 

Seattle Marijuana Investment Firm Privateer Closes $75M Round To Build Global Cannabis Brands

WASHINGTON:  Privateer Holdings is well on its way to becoming one of the country’s top marijuana investment firms.

The Seattle-based holding company today announced the closure of a $75 million Series B round, money that Privateer will use to grow its three marijuana-related startups and expand the firm’s portfolio further.

“This positions us to build a family of global brands over the coming years,” Privateer CEO Brendan Kennedy said of the fresh cash.

Privateer has come a long way since launching back in 2010, when both the medical and recreational marijuana industries looked far different than now. It started with Leafly, an app for cannabis strains coined as the “Yelp for marijuana,” and later added two other companies: Tilray, a medical marijuana producer in Canada, and Marley Natural, an international brand that sells marijuana-related products.

 

Why Canada’s Better At The Pot Business Than US Is

CANADA:  There’s a place where you can buy medical marijuana without any worries, a place where the people growing marijuana wear laboratory-style “clean suits,” where scientists do extensive research into potential treatments using cannabis, and where marijuana business owners can put their cash into a bank account instead of a vault.

It’s Canada.

“We don’t have a roadblock in regards to banking; we don’t have a roadblock in terms of conflict between state and federal law,” said Brendan Kennedy, president of Tilray, which runs a 60,000-square-foot, indoor marijuana facility in Nanaimo, British Columbia.

Tilray produces and sells medical marijuana to 4,000 patients through a facility that can produce 4,000 kilograms of pot a year. It opened last year after the Canadian government decided to farm out medical marijuana production to privately run facilities. “We’re one of 15 companies licensed to produce cannabis for patients,” Kennedy said.

 

Pitching Marijuana Startups Brings New Meaning To High Tech

CALIFORNIA: Investing in a social network closely tied to a booming industry sounds great, until Apple kicks the thing you invested in out of the App Store because the platform is all about marijuana.

It’s one of the many things that can happen when two of the fastest growing industries in America come together, as is taking place this week in San Francisco, where several dozen entrepreneurs are pitching 200 or so investors, Shark Tank style.

Organizers of the investor-pitch forum cite as legitimacy the recent multimillion dollar investment by Silicon Valley titan Peter Thiel‘s Founders Fund in a holding company of several marijuana-related firms. The entrepreneurs at the Fairmont Hotel are pitching startups selling marijuana-growing equipment, apps that help with medicinal marijuana delivery, and even a spray that an entrepreneur says was developed at the Lawrence Livermore National Laboratory that coats marijuana with grower information, acting as a kind of DNA bar code.

“It’s more suited to what cannabis would be in the future,” says DNA Trek founder Anthony Zografos.

Since Colorado and Washington first voted to legalize recreational marijuana use in late 2012, the legal cannabis market has grown from $1.5 billion in 2013 to $2.7 billion last year, according to industry estimates. That kind of velocity gets the attention of investors, many of whom focus on tech.

Money Is Flowing To A New Social Network For Weed Smokers

MASSACHUSETTS:  Although Isaac Dietrich didn’t win the top spot of The Peter Thiel Fellowship, he was among 40 finalists which was enough to encourage his dream to be an entrepreneur. While Thiel co-founded Paypal during the tech boom, Dietrich founded the cannabis social networking site MassRoots.com which secured funding from Boston-based hedge fund manager Doug Leighton.

“I didn’t go to college,” Dietrich told MainStreet. “I felt it was a waste of money, because I always wanted to be an entrepreneur.”

The 21-year old attended a legal studies academy in Virginia Beach for high school.

“You either have that entrepreneurial drive or you don’t,” said Dietrich, who is an unabashed pot smoker.

Marijuana Majority Website Highlights Celebs And Tech Leaders Who Support Pot Legalization

Successful people, not just “lazy stoners”, want pot laws to change. That’s the message of new website Marijuana Majority, which displays over 600 influencers including Peter Thiel, Sean Parker, Paul Bucheit, and Dustin Moskovitz who’ve supported marijuana law reform through donations or quotes. Now it wants Twitter’ers to persuade pot-favoring politicians, celebs, and technologists to stand up.