Venture capitalists in Silicon Valley are betting heavily on cannabis.
The Founders Fund, the $2 billion San Francisco venture fund run by PayPal co-founder Peter Thiel who made early investments in brands like Facebook, has invested $75 million in a holding company with large 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 companies licensed by the Canadian government to grow cannabis.
The company is also launching a line of marijuana and related products from the Bob Marley brand called Marley Natural, with the permission of the musician’s family, of course.
Previously, Privateer’s largest capital had been $22 million.
Any California legalization initiative is also likely to raise money from Thiel, who donated $70,000 in 2010 to failed legalization measure Prop. 19.