Cannabis focused private equity firm Privateer Holding has announced the completion of its Series B round of fundraising reaching $75 million, finalizing what the company calls the largest private capital raise in the legal cannabis industry to date. The completion of this round brings the company’s total fundraising to $82 million.
In January, San Francisco-based venture capital firm Founders Fund announced it had made a multi-million dollar investment into Privateer Holding, bringing the funding series to $50 million at that point. (see below) Seven and eight-figure investments made by institutional investors and family offices have rounded out the series at $75 million.
The firm has also stated in its press release that it plans to use the funds to pursue acquisitions in order “to build a global portfolio of billion dollar cannabis brands operating in multiple geographies around the world”
Three publicly announced investments have already been made by Privateer Holding – into premium cannabis lifestyle brand, Marley Natural, Canadian medical cannabis company, Tilray, and online cannabis-hub website, Leafly.
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Leading San Francisco-based venture capital firm, Founders Fund announced it has made a multi-million dollar investment into cannabis-focused private equity firm, Privateer Holdings. The investment gives a vote of confidence and credibility to the sector which is dealing with discrepancies between state and federal laws, limited credibility with banks, and disreputable investment schemes. Founders believes that legal cannabis will become a major industry over the next decade, and that Seattle-based Privateer with its long-term vision and vertically integrated Leafly and Marley Natural brands, will be an industry leader. To date, 27 states and the District of Columbia have some form of legalized marijuana and in 2014 sales reached $2.6 billion – 68% up over 2013 sales, and by 2018 sales are projected by marijuana investment and research group, ArcView Group, to be $10.2 billion. So far, Privateer Holdings has raised $50 million in its Series-B round of fundraising and is targeting $75 million for the round. The firm raised $22 million in its Series-A round and through a convertible bridge note. To read further:
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