Paypal co-founder Peter Thiel is investing millions of dollars in a Seattle-based company that owns a popular marijuana venture. Under America?s federal laws, however, marijuana is still considered illegal throughout most of the country.
The Founders Fund, Peter Thiel?s venture capital firm, confirmed it is taking a minority stake in Privateer Holdings ? a company that invests in a Canadian medical marijuana growing operation ? and Leafly.com, a Yelp-type review website for marijuana dispensaries. Privateer was looking for a $75 million funding round, but Thiel?s firm has not disclosed how much they?ve contributed beyond ?multi-millions? of dollars.
Investing in the cannabis business is still considered controversial, though public opinion on the matter has been turning in favor of legalization advocates. Recreational pot use is legal in four states and the District of Columbia, and has been approved for medical use in 24 states. Still, Founders Fund said it is not an unusual move for them.
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Paypal co-founder becomes first multi-million-dollar marijuana investor â?? RT USA