Snoop Dogg To Fund US Pot Startups
There’s a whole lot of money going into weed right now. There’s a new wave of cannabis fueled industries in states in the US that have newly embraced the legal status of the recreational substance, with some reporting massive profiteering off the herb. In fact, Colorado has said recently that they have raised $60 million from pot-related business, a sum so huge that they have even considered refunding some of the money to customers.
Meanwhile on the tech side apps that make it even easier to get your hands on sticky green, with delivery companies that allow app users to organize that crucial hookup via their phone direct to their door. As a result, the well-trained nose of Snoop Dogg has gotten a whiff of the pungent new market. The rapper and philanthropist is reportedly looking to raise a large sum to fund new projects.
A major proponent of legalization laws as well as products related to the consumption of the herb, Snoop Dogg is no stranger to both business, marketing and of course getting super duper high. The rapper has invested in vaporizer brand the G-Pen, pictured above, as well as the website Reddit. Snoop of course has both the finances and the charisma to get the job done, with a celebrated rap career spanning decades as well as a signature swagger that has stood the test of time.
A sum of $25 million is reportedly looking to be pulled together by Snoop’s fund, hopefully with the result being that a new wave of startups designed around 420-related merchandise, delivery and procurement for responsible adults over the age of 18. There have also been other big groups looking to invest in the new industry as well as Snoop, including Privateer Holdings, who already own three businesses related to recreational weed use.
Of course, another big area for the industry is the health market – studies and testing of various different types of the drug have yielded results saying that there are some medical uses for the plant. Various businesses could capitalize on this, as well as the rise of new and exciting ways to consume the herb in ways less damaging to the body than by smoking.
It’s an exciting time for marijuana users in the US, but hardline attitudes towards weed and drugs in general haven’t yet caused any significant legislation changes in some of the more conservative US states, or indeed in the EU – although more tolerant attitudes have been historically maintained on the continent. If a major industry takes off in the US and there’s money to be made, no doubt in England investors and politicians will catch a whiff of it.
For now though, here in the UK, it’s illegal, and frowned upon. Regardless of what Snoop Dogg does the law isn’t about to change here soon, so for now please try to remain on the good side of the law.
Via: Daily Dot