Investment In Marijuana Industry Has Grown 600 Percent so Far in 2018.
So much for concerns about a federal government crackdown.
Much like the reaction by many public officials and consumers to U.S. Attorney General Jeff Sessions’ rescinding the Cole memo, financial backers in the marijuana industry seem unconcerned. Certainly, they’ve been willing to pony up a boatload of dollars so far in 2018 to back marijuana-related ventures.
How big a boatload? About $1.23 billion in just the first five weeks of the year, according to a report from Viridian Cannabis Deal Tracker, a service that monitors merger and acquisition deals and investment in the legal marijuana industry. That’s almost as much as the total amount of investment in the entire year of 2016, according to Benzinga, and a 600 percent increase over the $178 million raised in the first five weeks of 2017.
Seattle company leads the way.
The report from Viridian comes on the heels of a recent announcement by Seattle-based Privateer Holdings on completion of a Series C funding round that raised $100 million for cannabis industry investment. The company plans to use the cash for acquisitions, funding new ventures and expanding existing brands into new markets.
Privateer Holdings’ portfolio includes medical cannabis company Tilray, the “official Bob Marley cannabis brand” called Marley Natural, marijuana edibles company Goodship and marijuana information site Leafly. The company reports it has raised $200 million so far to fund cannabis ventures.