Snoop Dogg, hip-hop legend and important marijuana icon, is planning to raise up to $25 million to fund startups in the budding cannabis industry, according to a recent TechCrunch report.
Logically, the cannabis industry is a perfect fit. Snoop — a.k.a. Snoop Lion, given name Calvin Broadus, Jr. — is well-known as a marijuana enthusiast and could be expected to know a great deal about the industry from firsthand experience.
In fact, Snoop is no stranger to investments in emerging industries: in 2014, the celebrity joined top Silicon Valley investors in a $50 million investment for Reddit.com, a popular social sharing hub. Earlier that year, Snoop also invested in Robinhood, a zero-fee stock trading app that has helped push a younger generation toward small-time stock market trading.
Meanwhile, big-time investor Peter Thiel — who happens to be partnered in the Reddit.com investment fund with Snoop — also recently announced a major marijuana investment. Thiel’s billion-dollar Founders Fund will be partnering with Privateer Holdings to achieve a stated $75 million goal, statements from both companies concluded in January.
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