(WIRED) — Brendan Kennedy wants to build the Coca-Cola of cannabis. The PepsiCo of pot. The Procter & Gamble of ganja.
Ok, we’ll stop now.
As CEO and co-founder of Privateer Holdings, a private equity firm focused on legal cannabis, Kennedy is trying to build a family of globally recognized and trusted brands in what has historically been an artisanal, underground, and, need we mention, illegal industry. Now, he has attracted funding from one of Silicon Valley’s most respected venture capital firms to help him to do just that.
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Today, Founders Fund—the Peter Thiel-backed venture capital firm behind Facebook, SpaceX, Airbnb, and more—announced a multimillion dollar investment in Privateer, marking the first time Founders Fund, and indeed any top tier VC firm, has invested in a so-called “cannabusiness.” It’s part of a larger $75 million round that Privateer will soon close, which Business Insider reported would value Privateer at $425 million. Privateer declined to comment on that number.