By Justin Moore
- Snoop Dogg’s venture capital firm joined a $50M funding round for Metrc
- U.S. cannabis market projected to be worth $47B by 2027
Casa Verde Capital, Snoop Dogg’s venture capital firm, recently joined a $50 million funding round for Metrc that was led by Tiger Global Management. Metrc develops “track and trace” compliance software for cannabis growers that operate in states where production is legal.
Why This Matters: This investment continues the firm’s policy of investing in companies that support growers and sellers, but don’t actually get their hands dirty in the soil or at the dispensary. As more states legalize cannabis it’s projected that annual sales in the U.S., now at $8.5 billion, could reach $47 billion in the next decade, which is almost as much as we spend on wine.
Snoop isn’t new to the cannabis biz he already launched Merry Jane, an online platform for cannabis enthusiasts, along with his own line of cannabis strains and edibles. Additionally, he’s not the only notable Black investor getting in on the action. Rapper Wiz Khalifa has released a line of “Khalifa Kush” cannabis strains in partnership with Colorado-based RiverRock Cannabis. Entertainer Whoopi Goldberg founded “Whoopi & Maya” a medical marijuana company. Also, former NBA hooper Al Harrington founded a marijuana extracts company called “Viola Brands”.
Situational Awareness: Cannabis is big business and trending up especially after our neighbors to the North in Canada legalized the substance. While the sector continues its high growth trajectory, companies ranging from tech startups to construction, that “don’t touch the plant” will be needed to support the industry.
CBx Vibe: “Clouds” K Camp feat. Wiz Khalifa