Snoop Dogg has just invested in a San Francisco pot-delivery service that’s looking to expand nationwide.
The Doggfather’s venture firm, Casa Verde Capital, participated in a $10 million funding round for Eaze, a fast-growing mobile app that’s looking to become the “Uber for pot,” according to a source briefed on the deal.
The size of the investment for Snoop Dogg — now called Snoop Lion — couldn’t be verified, and Casa Verde didn’t respond to requests for comment. The funding round was led by DCM Ventures, and also included Fresh VC and 500 Startups.
Eaze founder and CEO Keith McCarty declined to confirm whether the famous rapper was backing his company, saying only that his “biggest reward is when prestigious investors complete their due diligence and choose to invest in our vision. It’s quite humbling, actually.”
Having launched in the Bay Area last July, Eaze said it has since made 30,000 deliveries of medical marijuana.
Eaze raised $1.5 million last November. With the latest round, it aims to hire 50 people in 50 days as it mounts a push into new markets where marijuana has been legalized.
Despite its money-making potential, the marijuana industry has been shunned by mainstream investors who are wary of regulatory risks.
But “the regulatory environment and public sentiment a couple of years ago was quite different than what it is today,” said DCM principal Kyle Lui, whose firm believes the pot market could grow to $100 billion. “We think the market for legal cannabis will continue to grow very rapidly.”
Via: New York Post
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