Privateer Holdings, a Seattle, WA-based private equity firm investing exclusively in legal cannabis, completed its $75m Series B funding round.
The investor base consists of ultra-high net worth individuals, family offices and institutional investors like Founders Fund, one of the top venture capital firms in the world.
The funding marks the largest private capital raise 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 expand its existing brands to new geographies, make strategic acquisitions, and to launch new ventures.
Founded in 2010 and led by Chief Executive Officer Brendan Kennedy, Chief Operations Officer Christian Groh and Chief Financial Officer Michael Blue, the firm has invested in:
– Leafly, an online cannabis information community,
– Tilray, a producer of premium medical cannabis, and
– Marley Natural, a premium cannabis lifestyle brand.
Privateer Holdings is the only American company to operate a federally licensed commercial cannabis cultivation operation at its Tilray facility in Nanaimo, British Columbia. In addition, the partnership with the family of Bob Marley, the firm launched a global cannabis brand Marley Natural on November 18, 2014.