Thiel's Founders Fund to become first big investor in pot with Privateer stake

MarketsAssociated Press

The pros are getting into pot.

Founders Fund, the $2 billion San Francisco venture capital firm run by Silicon Valley stars including Peter Thiel, co-founder and former CEO of Paypal, said Thursday it is investing in Privateer Holdings, a marijuana company that owns several pot-related brands.

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The companies are not talking about the size of the investment, but call it a "multi-million dollar" participation in a $75 million fundraising effort by Privateer.

Privateer, based in Seattle, owns the Canadian medical marijuana producer Tilray and the pot information service Leafly. It is also launching a brand of marijuana and products with the family of Bob Marley.

Founders Fund partner Geoff Lewis, who is leading the investment in Privateer, said in an interview he believes the broad legalization of marijuana is inevitable.