Paypal Co-Founder Invests in a new Cannabis Venture

If you needed anymore reason to believe that legal cannabis will become a massive industry in the very near future, the cannabis industry has just gained a major investor.

Ever heard of Airbnb, Lyft, or SpaceX, the private spaceflight company? What about Spotify or even Facebook? Founders Fund, who has invested in all these well known multi-million dollar companies has now decided to invest in a new cannabis venture, led in part by Paypal’s co-founder, Peter Thiel. Unknown-1

Founders Fund, a San Francisco based venture capital firm that sits heavily in the leading tech world of the Silicon Valley has stated they will be making a multimillion-dollar investment in Privateer Holdings, a private equity firm that has backed and continues to back many cannabis related venues such as Leafly, a site that connects and provides information on medical marijuana dispensaries, strains, and doctors. Privateer has also helped launch Marley Natural, a brand founded by the family of the late reggae legend. 

Geoff Lewis, a partner of Founders Fund and the the leader of the firm’s investment has stated his optimism and support saying “Privateer UnknownHoldings has emerged as the market leader in legal cannabis, which we believe will become a massive industry within the next decade.” Privateer chief executive, Brendan Kennedy has also come forth saying that the momentum toward legalization has largely become irreversible and that this kind of investment into the cannabis industry will signal a greater acceptance especially in the financial sector. In six to twelve months, Kennedy believes “there will be investment banks who will have analysts following cannabis like they follow healthcare or agricultural commodities.” Privateer hopes and believes this action toward legalization will also gain more professional investments into the medical marijuana industry. 

It is inevitable that the next industry to revolutionize the markets will be the cannabis industry. It has already done so steadily but we can be certain that it will slingshot this new year. With the capital support of one of the most influential firm’s that has started up world famous companies and services including Facebook, we should expect Privateer Holdings to be one of the leading companies of the cannabis industry.