Weed aficionado Snoop Dogg creating fund to invest in cannabis tech startups

Calvin Broadus, Jr. (a.k.a. Snoop Dogg, a.k.a. Snoop Lion) is no stranger to the cannabis lifestyle, and now that some states are legalizing medical and recreational marijuana use, there’s no better time for the rapper to invest and actually make money instead of just smoking it. Sources told TechCrunch that Snoop is putting together a […]

Calvin Broadus, Jr. (a.k.a. Snoop Dogg, a.k.a. Snoop Lion) is no stranger to the cannabis lifestyle, and now that some states are legalizing medical and recreational marijuana use, there’s no better time for the rapper to invest and actually make money instead of just smoking it.

Sources told TechCrunch that Snoop is putting together a fund with his agency (the goal is reportedly $25 million) to invest specifically in cannabis startups. The money won’t go to cultivation and production, but instead will go toward tech in the industry.

It seems that Snoop got the investor bug recently, not just in the weed industry. Just over the last few months he invested in Reddit as well as zero-fee stock trading platform Robinhood.

His timing couldn’t be much better, really. Ever since more states started legalizing the drug, weed startups are beginning to receive a good helping of venture dollars, as CrunchBase reported back in December.

In the past year, CrunchBase has recorded 29 venture investments in cannabis startups for a total of nearly $90 million in capital committed – and this is not including the reported $75 million Series B for Seattle-based Privateer, rumored to list Peter Thiel’s Founder’s Fund as an investor.

Not only does Snoop know his stuff when it comes to cannabis, it definitely couldn’t hurt a startup’s potential to have him listed as an investor. His agency is currently in the process of raising the fund, so it’s not clear how big it will actually get.

[Photo from Flickr user  NRK P3]