Snoop Dogg has been an icon in the marijuana world for more than two decades. I have seen him perform at many marijuana events. From media reports that came out this week, it sounds like he is trying to start a marijuana investment fund. That's not too surprising considering how big his name is in the marijuana world already, and how popular the marijuana industry is becoming. There are many people scrambling to invest in marijuana companies, and even more people looking for an investor for their idea, so it's logical that Snoop is making a move like this.
The details on what exactly Snoop is looking to do is not that clear right now, but the basics are that he is raising 25 million dollars, and is looking to invest in marijuana tech companies. Per Tech Crunch:
Sources tell us the prolific rapper, youth football coach and marijuana aficionado 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. Because his agency is still in the process of raising the fund, its ultimate size is uncertain. His representatives did not reply to requests for comment.
Snoop is one of many celebrities who have begun dabbling in tech investing over the last few years. Ashton Kutcher paved the way with the launch of his A-Grade Investments fund, which has put money into companies like Airbnb, Flipboard, and StyleSeat. But lately he's been joined by the likes of Nas, Jared Leto and Justin Bieber among others.
As for Snoop, his tech investing career seems to have 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.
I'm very curious to see how well this actually works out. Yes, Snoop loves marijuana. But consuming marijuana and rapping about it is a lot different than finding the right idea at the right stage of its development and using an investment to take the idea to new heights. A lot of people are making a lot of money right now in the marijuana industry, but for every person making money, there are numerous others that are losing every penny they have on bad ideas or because of bad business practices. We will have to wait and see what ideas get investments, and how those investments pan out.