In true entrepreneurial fashion, California-native, rapper and football coach, Snoop Dogg, is adding cannabis technology startup investor to his expansive repertoire.
Widely known as a cannabis enthusiast and proponent, the man born Calvin Cordozar Broadus, Jr., once explained why he feels that cannabis is good during an interview with GQ magazine.
“It’s from the earth—it’s not some man-made shit. It’s actually growing from the ground straight to you, so it’s just like eating a vegetable.”
He has already put his name behind the G-Pen brand portable vaporizers, but he has yet to invest in a marijuana technology company.
Cannabis, the fastest growing industry in the United States, is estimated to introduce 200,000 new jobs, and has already earned more than $100 million in venture capital investments over the last two years.
Nearly half of the United States have approved the use of cannabis for medicinal purposes, and now four states and Washington D.C. have legalized the recreational use for adults. This still leaves exponential room for industry growth and expansion, as several more states are expected to pass legalization amendments in 2016 and 2020.
Snoop Dogg reportedly plans to raise at least $25 million in this fund aimed at developing more ancillary technology companies, rather than actual plant handling businesses of cultivation and distribution. With all of the hype currently behind the marijuana industry, this fund, which is still in stages of infancy, may even reach an amount greater than anticipated.
Taking the wise advice from Warren Buffet to “invest in what you know,” Snoop Dogg was arguably born to invest in the cannabis industry, and it will be very exciting to see which businesses are awarded his support.
photo credit: Forbes