“Invest in what you know.”
That’s a common piece of advice given to new investors that Calvin Broadus, Jr. (a.k.a. Snoop Dogg, a.k.a. Snoop Lion) seems to be taking to heart.
Sources tell us the prolific rapper, youth football coach and marijuana aficionado is putting together a fund specifically to invest in cannabis startups. According to one source, he hopes to raise $25 million to fund the nascent, but fast-growing legal marijuana industry. Because his agency is still in the process of raising the fund, its ultimate size is uncertain. His representatives did not reply to requests for comment.
Snoop is one of many celebrities who have begun dabbling in tech investing over the last few years. Ashton Kutcher paved the way with the launch of his A-Grade Investments fund, which has put money into companies like Airbnb, Flipboard, and StyleSeat. But lately he’s been joined by the likes of Nas, Jared Leto and Justin Bieber among others.
As for Snoop, his tech investing career seems to have taken off recently. Over the last few months, the rapper invested in Reddit, the so-called homepage to the Internet, as well as zero-fee stock trading platform Robinhood.
But having a fund specifically to invest in cannabis companies makes a lot of sense, since Snoop probably knows more about weed than anyone. It’s our understanding that the fund’s bets won’t have anything to do with cultivation and production. Instead, it will focus on tech affiliated with the growing legal cannabis industry.
It also seems to be a good time to invest in the marijuana industry in general. Venture money is pouring into weed startups as states have begun legalizing the drug for both medical and recreational use.
Peter Thiel’s Founders Fund is part of Privateer Holdings‘ big fundraising push, where the holding company is trying to raise $75 million. And, of course, we’re seeing all sorts of new startups pop up — like Eaze and Meadow — that are devoted to weed delivery, among other things.
As new ways to produce, distribute and consume cannabis emerge, who better to evaluate them professionally than Snoop, who has already spent years evaluating all manner of cannabis products recreationally?Featured Image: Christopher Polk/Getty Images