Calvin Cordozar Broadus, Jr. , a.k.a. Snoop Dogg is a man of many traits. He is a rapper, singer-songwriter, actor, but more importantly (here), he is a weed buff.
His love for weed is what’s in focus today. Sources have reported that he is trying to put together funds to invest in cannabis startups. One of the sources reported that he is trying to raise $25 million to fund the rapidly growing legal marijuana industry. The wheels for the investment are still in motion so we can’t be certain about the size of his funds. His representatives didn’t comment on the matter.
He is the perfect guy to raise funds for legalised weed as he has been in these sorts of recreational activities for too long. The funds he raises will have a direct impact on the technology that is required for the legal cannabis industry while it may or may not have any effect on the actual growth of the product.
It is a good time to invest in the legal marijuana industry as a majority of the states in the U.S. have either legalized medical marijuana or decriminalized marijuana possession. Peter Thiel’s Founders Fund, a part of the Privateer holdings is trying to raise as much as $75 million which is in a series of startups trying to raise money for legal marijuana.
Snoop Dogg started investing in Reddit, “the
front everything else page of the Internet” and the stock trading platform, Robinhood, a few years ago, so he’s not new to the tech industry. He’s joined by the likes of Ashton Kutcher, who started investing in companies like Airbnb and Flipboard, Jared Leto and even Justin Beiber (Well, yea..).
The legal marijuana industry is a booming one and apart from the glamour, the business in this industry is shaping to be pretty promising. New ways to produce and distribute cannabis are becoming prevalent by the minute and the money this industry holds is a big factor for any startup out there.
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