Snoop Dogg is putting together an fund specifically to invest in marijuana start-ups. In addition to being a well-known marijuana aficionado, rapper and youth football coach Snoop is quickly becoming a major tech investor it seems. Over the last few months he invested in Reddit, the so-called homepage to the Internet, as well as zero-fee stock trading platform Robinhood. The Doggfather now hopes to raise $25 million to fund business investments in the nascent, but fast-growing marijuana industry. But because his agency is still in the process of raising capital, its ultimate size is uncertain.
Tech Chrunch goes on to say, “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.”
The dude’s at the Weedblog point: Yes, Snoop loves marijuana. But consuming marijuana and rapping about it is a lot different than finding the right idea at the right stage of its development and using an investment to take the idea to new heights. A lot of people are making a lot of money right now in the marijuana industry, but for every person making money, there are numerous others that are losing every penny they have on bad ideas or because of bad business practices. We will have to wait and see what ideas get investments, and how those investments pan out.
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