In an indication of just how massive the cannabis industry is becoming, marijuana venture capital firm Privateer Holdings has closed on a $75 million round of funding.
Privateer, who currently has several holdings of various marijuana companies, touts its Series B funding as the largest private capital fundraising in the legal cannabis industry, reports the Wall Street Journal.
“We’re in this really interesting stage at the end of prohibition,” said Privateer CEO and co-founder Brendan Kennedy in an interview with TechCrunch. “Our focus is on creating brands that fuel change, that change perceptions of the product and user — brands that inspire trust, and brands that create legitimacy.”
The firm currently has principal holdings in three major cannabis-related companies: the marijuana information resource site Leafly, global cannabis brand Marley Natural, and Canadian marijuana manufacturer Tilray.
Privateer’s management hopes to use this funding to further improve their current holdings, as well as adding new brands to their stable, effectively making Privateer not unlike a Proctor and Gamble or General Mills for marijuana products.
The latest round of funding makes Privateer a front-runner in standardizing marijuana for the average consumer and how they think of pot.
“Our thesis was that this will be a mainstream consumer product used by mainstream Americans, and they will be looking for mainstream professional brands that don’t insult or offend them,” Kennedy added.