Plenty of industries are booming in the United States at the moment, but not the least of these is the marijuana retail industry. This is because new laws are popping up all over the place throughout the country that have made the previously banned drug legal for even recreational purposes (for medical purposes in many other places). Thus, there is a big market for startups to grow out their business and get started in marijuana sales. Should in be any surprise then that Privateer Holdings has raised yet another $100 million dollars in private funding for marijuana startups?
This was the biggest fundraising haul that the company has taken in by a long-shot. Still, it is just part of the total of $200 million that it has raised since it was first founded in 2010. The company has not released its own valuation, but estimates from insiders put it at somewhere between $500 million and $600 million. It is a company that has been one of the first and one of the biggest investors in the marijuana industry. They have a lot to gain if things continue to go so well for the industry.
The firm has not disclosed who the investors were for this round. They just say that it comes from ultra-high net worth individuals, institutions, and from family offices. In the past, word has gotten out that the firm led by Peter Thiel has put some money into the company. Of course, investment from him implies that things are going pretty well. He was the creator of PayPal, and he is famously known as an early investor in Facebook. In short, he knows a good deal when he sees one, and many of his deals have personally enriched him greatly.
The company is investing in things like a smartphone app company that helps connect those who wish to purchase legal marijuana with the closest places to do so. The app is also a discussion forum between all kinds of different users to discuss the different strands of marijuana and so much more. These are the kind of things that can help a person make better choices about the plants in which they choose to indulge.
It appears at this point that the battle against weed is coming towards a close. Many states continue to legalize it, and while it remains against Federal Law, there has been less pursuit of those who use marijuana than in the past. That may change now under the new Administration, but up to this point that has not been the case.
Dil Bole Oberoi
