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domenica 8 febbraio 2015

Snoop Dogg raising $25m for cannabis start-ups

Rapper and entrepreneur Snoop Dogg wants to be the toke of the legal weed business by trying to raise $25m to invest in cannabis start-ups.

Details are scarce because the artist is still in the process of raising funds, according to Techcrunch.

The marijuana connoisseur hopes to exploit the fast growing legal cannabis industry in the US, where many states have either legalised marijuana or decriminalised its possession. Last year, Factobook publisher Cannabusiness Media estimated that between $1.6bn and $1.9bn of legal weed was sold for medical in the US and another $600m to $700m was sold for legal, recreational use.

Should Snoop Dogg achieve his $25m target then the venture would sit alongside his other investments including Reddit.

He is not the only celebrity to looking to make money from the drug. Last year, it was announced that the Bob Marley estate had agreed to allow the late legendary musician’s face to be used to front the world’s first international marijuana brand. The company is to be based in New York and will sell creams, lotions and accessories all inspired by marijuana and Marley.

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