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Private Equity Firms Investing in the Future of Legal Marijuana Sales

July 19th

SEATTLE, WA — In the sparse Seattle offices of Privateer Holdings, Brendan Kennedy grabs an iPad to show how his bet on legal marijuana is already payingdividends in the form of a Google results page for “blue cheese.”

When Web users search that term, high on the list is a link to reviews of the pot strain “blue cheese” on Leafly.com, the medical cannabis website Privateer bought a year and a half ago and which it calls the Yelp of weed.

“We’ve got Wikipedia blue cheese and pictures of blue cheese, and the third thing you see is the ‘blue cheese’ strain on Leafly,” Kennedy said as he displayed the Google results page. He says Leafly produces revenue of over $100,000 a month.

Popular interest in marijuana and moves by Washington state and Colorado to legalize recreational marijuana have led Kennedy’s two-year-old private equity firm and a handful of politically connected investors to dive into the pot business. Cannabis remains illegal under federal law.

Privateer this week said it closed a $7 million first round of fundraising. It also named to its board of directors Michael Auerbach, an investor with ties to former U.S. Secretary of State Madeleine Albright.

A next round of Privateer fundraising. . . . . READ MORE

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