Privateer Holdings busted out of the gate a few months ago and made themselves known when they announced a partnership with the estate of Reggae legend Bob Marley for a new line of cannabis products. Now comes word that the company has raised another $75 million in funding that it plans to use to create new cannabis-related brands.
Privateer Holdings was created to design and acquire companies in the cannabis industry. As of now, it owns three major products, including Leafly, Tilray and Marley Natural. The plan is to use the success of those three products to springboard Privateer into its next phase of brand creation.
Ryan Lawler of TechCrunch.com spoke with Privateer CEO and co-founder Brendan Kennedy, who told him, “We’re in this really interesting stage at the end of prohibition. Our focus is on creating brands that fuel change, that change perceptions of the product and user — brands that inspire trust, and brands that create legitimacy. This is the next logical step in the transformation of this industry, as it changes from a market that operates in the shadows to a fully transparent market that’s out in the open.”
Kennedy sees the marijuana market becoming similar to the beer market, where “there’s a segment for Sam Adams drinkers, and one for Heineken drinkers. And sometimes those brands end up being owned by the same company.” According to Lawler’s article, Kennedy’s investors hope Privateer will build four or five billion-dollar brands in the cannabis space.