Marijuana Investments Spike 600 Percent Already In 2018

So far, backers of the industry have sunk $1.23 billion into weed ventures this year.

Marijuana Investments Spike 600 Percent Already In 2018
Illustration by Mediamodifier via Pixabay

Are you listening, Jeff Sessions? Regardless of your stance on marijuana (“Good people don’t smoke marijuana.” – Jeff Sessions, 2017), the industry is booming. According to a new report, financial backers of the industry have dug deep into their pockets, to the tune of more than a billion dollars in 2018. And we’re just two months into the new year.

That’s more than the entire amount invested in 2016 and, according to Benzinga, a 600 percent increase over the $178 million raised in the first five weeks of 2017.

The report from Viridian Cannabis Deal Tracker comes just after Seattle-based Privateer Holdings announced they’ve completed Series C funding with a $100 million investment. The company’s portfolio includes Bob Marley’s cannabis brand Marley Natural, edibles company Goodship (whose owner also owns a hype-popular string of cupcakeries), and Leafly. The company so far has raised a total of $200 million, according to Entrepreneur.

According to the report, 9 out of 65 cannabis industries raised more than $50 million this year.

And as Entrepreneur reports, it’s also happening to our friends up north; cannabis companies in Canada raised $2 billion in 2017. It helps that recreational marijuana is expected to be legalized there this summer.

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