Privateer Holdings, a Seattle, Washington-based private equity firm investing exclusively in legal cannabis, closed an additional $40m in convertible bridge financing.
The funding, which will convert into a future Series C equity round, brings the fundraising total to $122m. It will be used to expand the firm’s existing portfolio of brands into new markets, to make strategic acquisitions and to launch new ventures.
Founded in 2010 by Michael Blue (Chief Financial Officer), Christian Groh (Partner) and Brendan Kennedy (Chief Executive Officer), Privateer Holdings has invested in:
– Leafly, a cannabis website and mobile application with more than ten million visitors per month;
– Tilray, a medical cannabis research and production company; and
– Marley Natural, a premium cannabis lifestyle brand rooted in the legacy of Bob Marley.
The company’s investor base consists of high net worth individuals, family offices and institutional investors such as Founders Fund. It previously closed $7m in Series A funding in July 2013 and $75m in Series B funding in March 2015.