Former PayPal executives invest millions into marijuana industry

The same venture capital firm was one of Facebook's earliest investors.
By Thor Benson Contact the Author   |  Jan. 11, 2015 at 3:07 PM
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SAN FRANCISCO, Jan. 11 (UPI) -- A venture capital firm run by the founders of PayPal is now investing in the marijuana industry.

Founders Fund, which has previously invested in Facebook, Lyft, SpaceX and Spotify, recently announced a multimillion dollar investment into Privateer Holdings. Privateer Holdings is an equity firm with investments in the marijuana industry. Founder Brendan Kennedy is the CEO of Leafly, a website for rating and reviewing marijuana strains.

"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. "With this investment they are signaling that they, like us, believe that the end of prohibition and the social harms it causes is inevitable."

"Privateer Holdings has emerged as the market leader in legal cannabis, which we believe will become a massive industry within the next decade," said Founders Fund Partner Geoff Lewis.

Forbes calls marijuana a $50 billion industry and claims it will make investors "extremely wealthy."

Topics: Marijuana
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