Private Equity Fund Raises $100 Million for Cannabis Startups

Just as states are about to vote on marijuana ballot initiatives.
With several more states poised to legalize marijuana in some form, investors continue to pump money into the burgeoning legal cannabis industry.

On Friday, Privateer Holdings, the Seattle-based private equity firm focused on cannabis industry investments, said it is the first company in the nascent industry to raise more than $100 million. The proclamation came as Privateer announced that it has brought in an additional $40 million that brings the firm’s fundraising total since its 2011 launch to $122 million.

When Privateer co-founder and CEO Brendan Kennedy told Fortune ahead of Friday’s announcement, he noted that a handful of other companies and funds across the cannabis industry have made announced the opening of $100 million investment funds—but, so far, none of those companies have actually reached that lofty fundraising total.

– Read the entire article at Fortune.