Cannabis private equity firm, Privateer Holdings, announced today (April 7, 2015) that they have raised $75 million in Series B funding. The amount raised “marks the largest private capital raised in the legal cannabis industry to date and brings the company’s fundraising total to $82 million.”
Privateer Holdings will use the new financing to build a global portfolio of billion dollar cannabis brands operating in multiple geographies around the world.
“Cannabis prohibition and the destructive social injustices it causes are going to end sooner than people think,” said Privateer Holdings co-founder and Chief Executive Officer Brendan Kennedy. “As the cannabis market transitions from a state of prohibition to a state of legalization around the world, we are proud to be building a global portfolio of mainstream, responsible brands that are setting the standard for the industry in terms of quality, professionalism and social purpose.”
“Since we announced that Founders Fund made the first institutional investment in the cannabis industry in January, we’ve seen the profile of our investor base change in ways that would have been unthinkable five years ago when we set out to transform this industry,” added Privateer Holdings co-founder and Chief Financial Officer Michael Blue. “We closed the Series B round with a group of sophisticated family offices and institutional investors who made seven- and eight-figure investments. That’s a vote of confidence for the entire industry and an important step forward in finally ending cannabis prohibition.”
The Series B funding will be used to expand Privateer Holdings’ existing brands to new geographies, make strategic acquisitions, and to launch new ventures.
Privateer Holdings’ existing portfolio of announced investments so far include:
- Leafly – The world’s leading online cannabis information community, with more than five million visitors per month and the world’s largest database of user-generated reviews of cannabis strains, products and dispensaries.
- Tilray – One of the largest and most sophisticated producers of premium medical cannabis in the world, offering unparalleled quality and consistency to physicians and patients. Tilray grows, processes, packages and ships medical cannabis to thousands of Canadian patients from its state-of-the-art, $25 million, federally licensed research and production facility in British Columbia, Canada. Tilray is actively evaluating expansion opportunities throughout the Americas and Europe.
- Marley Natural – A premium cannabis lifestyle brand deeply rooted in the life and legacy of Bob Marley, which plans to begin offering cannabis strains, cannabis- and hemp-infused topical products, and accessories in North America later this year.
See the full press release here: “Privateer Holdings Closes $75 Million Funding Round“