Privateer Holdings, the world’s foremost private equity firm that has holdings only in legal cannabis, announced Tuesday that it closed its series B funding round, easily meeting its goal of $75 million.
This is the largest private capital fundraise in the legal cannabis industry ever. The firm will use its funding, now at a total of $82 million, to build a portfolio of cannabis brands operating worldwide. Privateer Holdings currently has investments in Leafly, the popular online strain database; Tilray, a Canadian medical cannabis manufacturer; and Marley Natural, a recreational cannabis brand that is expected to unveil products later this year.
“Cannabis prohibition and the destructive social injustices it causes are going to end sooner than people think,” stated co-founder and CEO 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.”
Photo Credit: Mark