Multifaceted entertainer Snoop Doggy Dogg will seemingly be increasing his buckaroos based on the recent valuation of a Cannabis tech company he invested in.
According to Business Insider, Snoop invested in Dutchie, a technology platform for cannabis dispensaries. The publication says Dutchie had already raised $350 million in funding before the Snoop investment, bringing its valuation to $3.75 billion, according to a company statement Thursday. The new round of funding more than doubles the value of the company and comes seven months after a $200 million round that valued it at $1.7 billion. Dutchie, based in Bend, Oregon, is growing as new states legalize recreational cannabis or expand their existing offerings.
“We are powering cannabis commerce through the products and support that we provide our dispensary partners,” Chief Executive Officer Ross Lipson said in the statement. Emily Corning, an investor at D1 Capital, said that Dutchie is “the tech backbone helping propel one of the fastest-growing industries in the world.”
The company’s technology includes e-commerce, point of sale, and seamless payment solutions according to the report. They’re already projecting annual sales of more than $14 billion at 5,000 cannabis dispensaries across North America. On their platform shoppers can search online for a nearby dispensary, browse products, place an order and arrange to pick it up or have it delivered.
Good for Snoop! This seems like a seamless investment for him, doesn’t it?