The Daily Caller: Marijuana Is Still Illegal By Federal Law, But This Venture Capital Firm Doesn’t Care
January 11, 2015
By Jonah Bennett | Reporter, Daily Caller News Foundation
One of the top venture capital firms in the world is taking advantage of the increasingly hazy realm of marijuana law.
Founders Fund is pouring money into Privateer Holdings, a private equity firm in Seattle, Wash. Privateer Holdings was first launched in 2010 and directs investments into medical and recreational sectors of the marijuana industry. The undisclosed investment from the fund run by Peter Thiel, a co-founder of PayPal, is listed as being in the millions.
“Founders Fund is known for making some of the most lucrative and radically transformational investments of the past decade,” said Privateer Holdings CEO Brendan Kennedy in a press release Jan. 8. “With this investment they are signaling that they, like us, believe that the end of prohibition and the social harms it causes is inevitable.”
“This investment from Founders Fund is just another marker that we’ve probably reached a tipping point for the industry. From a historical perspective, there are a lot of similarities between the end of alcohol prohibition and our current trajectory with marijuana. We’re probably going down a similar path,” Leslie Bocskor, managing partner of Electrum Partners and founder of the Electrum Report, told The Daily Caller News Foundation.