Paypal founder Peter Thiel has announced an undisclosed investment though his Founders Fund in order to acquire a minority share in Privateer Holdings. The investment was aimed at acquiring Leafly, a sort of Yelp for weed with the mission to become the world’s first weed conglomerate which was acquired by the holding in 2011.
The success of a service like Leafly is a clear indicator of how the industry is maturing and how legal marijuana is creating or perhaps just uncovering a demand for different qualities and standards of buds.
This investment is the first major VC commitment and marks an interesting starting point in weed investment from one of the most visionary vc’s. This investment is surely a major gamble, but this is something Thiel and his long term vision has gotten us used to.
Now that the first stone has been cast, who will make the next major commitment?