When dealing with investments, it’s a common rule of thumb to invest in what you know.
Clearly, we all know that Snoop Dogg knows marijuana. We won’t get into the details of that (not that we should have to), but according to Tech Crunch, Snoop Dogg is putting together a fund specifically to invest in cannabis startups. According to one source, he hopes to raise $25 million to fund the nascent, but fast-growing legal marijuana industry.
Now, just because we usually see Snoop in a different business light than we would a Jay Z or 50 Cent, that doesn’t mean he hasn’t been honing in on his investment skills. His tech investing career has taken off recently. Over the last few months, the rapper invested in Reddit, the so-called homepage to the Internet, as well as zero-fee stock trading platform Robinhood.
Also according to Tech Crunch, the fund’s bets won’t have anything to do with cultivation and production but instead will focus on tech affiliated with the growing legal cannabis industry. Especially as new ways to produce, distribute and consume cannabis emerge.
–Jamaal Fisher (@jamaalfisher)