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Privateer Holdings, a cannabis-focused private equity firm in Seattle, announced Friday it has closed on $40 million in convertible bridge financing, bringing its fundraising total to $122 million.
The news marks the first time a cannabis-related investment company has raised more than $100 million, Privateer said in a press release. The funding increase reflects growing investor interest in cannabis-related businesses.
Privateer said it will use the money to launch new ventures, make strategic acquisitions and expand its three existing portfolio companies into new markets.
The three companies are: Leafly, an online strain and dispensary guide that receives more