Snoop Dogg's Cannabis Firm Raises $45 Million
It seems you can't keep a good dogg down. Legendary rapper, Snoop Dogg, is involved in all sorts ventures, from working a deal with fast food chain, Jack in the Box to being a cooking show host. However, it's Snoop's latest efforts that are making headlines.
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Snoop Dogg is the co-founder of Casa Verde Capital, an ancillary cannabis industry venture firm that was started in 2015. The company recently closed its debut fund with a whopping $45 million.
So what is Casa Verde Capital, exactly? Well, while their focus is on businesses in the cannabis industry, they're more interested in investing in the "picks and shovels" rather than the actual plants themselves. Speaking to TechCrunch, Karan Wadhera, Snoop's managing partner, said, "Our biggest investment to date is LeafLink, a marketplace for retailers and brands. If you were Walmart and logging onto a platform to order from vendors, that's what LeafLink has created for the cannabis space. A dispensary can log in and order from vendors on one consolidated platform."
Snoop's role in the firm may be largely symbolic, however, Wadhera also revealed that the rapper is particularly hands-on when it comes to Merry Jane, the cannabis website focused on lifestyle and media. Founded alongside Ted Chung, the site aims to provide a hub for all those interested in the cannabis industry.
It seems Snoop Dogg's name has become synonymous not only with smoking weed but also with investing in it. For quite a while now, the rapper has been making a positive contribution to the cannabis industry, pushing the boundaries on cannabis investment and making a name for himself as a credible businessman.
On Snoop's influence in the cannabis industry, Wadhera said, "He's among the most important cultural figures in this industry, which is incredibly important. His involvement lends a lot of credibility and excitement to our portfolio companies. He's also there for input whenever we need it."
With $45 million to work with, what will savvy entrepreneur Snoop Dogg do next?