Silicon Valley Firm Invests Millions in Weed

Founders Fund—the Peter Thiel-backed venture capital firm behind Facebook, SpaceX, Airbnb, and more—announced a multimillion dollar investment in Privateer, marking the first time Founders Fund, and indeed any top tier VC firm, has invested in a so-called “cannabusiness.” It’s part of a larger $75 million round that Privateer will soon close, which Business Insider reported would value Privateer at $425 million.

The money will help grow the three businesses currently operating under the Privateer umbrella: Tilray, an online medical marijuana distributor based in Canada; Leafly, a Yelp-like site for marijuana strain and dispensary reviews; and the newest addition to the Privateer family, Marley Natural, a New York City startup founded in partnership with Bob Marley’s family. Later this year, Marley Natural will begin selling a range of cannabis-related products, from lotions to vaporizers to a strain of Jamaican cannabis.