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Is pot the future boom business? The founder of Pay Pal thinks so
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Founders Fund, a $2 billion dollar, San Francisco-based venture capitalist firm ran by the co-founder and former CEO of PayPal is moving in a new investment direction, turning towards pastures a little greener than former tech and Silicon Valley projects-literally.
Highlights
Catholic Online (https://www.catholic.org)
1/9/2015 (1 decade ago)
Published in Business & Economics
Keywords: Pot, Marijuana, Seattle, Founders Fund
LOS ANGELES, CA (Catholic Online) - Peter Thiel is investing multiple millions of dollars into Privateer Holdings, a Seattle-based marijuana growing, production, distribution and information company that owns several marijuana brands. Privateer Holdings underwent a $75 million fundraising drive in 2014.
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Geoff Lewis, the lead of Founders Fund's investment into Privateer Holdings, said he believes the legalization of marijuana for personal use is inevitable, and the markets should be tapped ahead of time.
Currently, 23 states allow marijuana to be used for medical purposes, and Colorado has legalized it for recreational use.
"Public sentiment is there, and it crosses political lines," he said.
However, there is still public distaste for the drug. In Nebraska and Oklahoma, lawsuits have been filed in an attempt to overturn the legalization of marijuana in that state. Those who filed the lawsuits claim that they are seeing massive increases of marijuana use and trafficking within their own states, which border Colorado.
Founders Fund is not expecting quick returns from its investment into Privateer Holdings. Lewis knows that the legalization of marijuana for recreational use in the wider U.S. will not happen soon, but they do believe that Privateer Holdings can create marijuana brands that are viewed as reliable and trusted by the American people.
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Privateer Holding's CEO, Brendan Kennedy, believes that this investment from Founders Fund will mean more investments from professional investment firms in the future.
"One of the important milestones for this business is having access to capital, and significant capital," Kennedy said. "There will be a lot of people who wake up and realize they need to look at this industry just as they have looked at other emerging industries around the world."
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