Snoop Dogg is Raising $25 Million to Invest in Weed Startups
We can’t say we didn’t see this coming: Snoop Dogg is looking to raise $25 million to fund startups in the marijuana industry, according to a report by TechCrunch.
This isn’t the first time the rapper has been in the investing game; he has money tied up in Reddit and Robinhood, a stock trading platform.
The focus of the $25 million investment will be on tech-related marijuana startups, so if you’re trying to raise money for your dispensary to grow and sell weed, you’re going to have to look elsewhere.
Snoop Dogg is not the only one interested in investing in the marijuana industry. In the last year alone, startup database Crunchbase has recorded 29 venture investments in cannabis startups for a total of $90 million in funding. Notable VCs who have put money into the marijuana industry include Paypal co-founder Peter Thiel, who recently lead a $75 million series B round for Privateer, a private equity firm focusing on weed, at a $425 million valuation.
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