“Invest in what you know.”
That’s a common piece of advice given to new investors that Calvin Broadus, Jr. (a.k.a. Snoop Dogg, a.k.a. Snoop Lion) seems to be taking to heart.
Sources tell us the prolific rapper, youth football coach and marijuana aficionado is putting together a fund specifically to invest in cannabis startups. According to one source, he hopes to raise $25 million to fund the nascent, but fast-growing legal marijuana industry. Because his agency is still in the process of raising the fund, its ultimate size is uncertain. His representatives did not reply to requests for comment.
As for Snoop, his tech investing career seems to have taken off recently. Over the last few months, the rapper invested in Reddit, the so-called homepage to the Internet, as well aszero-fee stock trading platform Robinhood.
But having a fund specifically to invest in cannabis companies makes a lot of sense, since Snoop probably knows more about weed than anyone. It’s our understanding that the fund’s bets won’t have anything to do with cultivation and production. Instead, it will focus on tech affiliated with the growing legal cannabis industry.
It also seems to be a good time to invest in the marijuana industry in general. Venture money is pouring into weed startups as states have begun legalizing the drug for both medical and recreational use.
Peter Thiel’s Founders Fund is part of Privateer Holdings‘ big fundraising push, where the holding company is trying to raise $75 million. And, of course, we’re seeing all sorts of new startups pop up — like Eaze and Meadow — that are devoted to weed delivery, among other things.
As new ways to produce, distribute and consume cannabis emerge, who better to evaluate them professionally than Snoop, who has already spent years evaluating all manner of cannabis products recreationally?
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