US rapper Calvin Broadus, better known as Snoop Dogg, revealed details of his cannabis-focused venture capital fund last week in a filing with the US Securities and Exchange Commission.
The pooled investment fund he is raising is called Casa Verde Capital LP and is targeting $25 million. The filing lists Snoop Dogg as the managing member of the VC fund. Ted Chung and Even Eneman, executives of talent agency Stampede Management and also partners to Snoop Dogg, are also among managing members of Casa Verde Capital.
As of today, the fund hasn’t raised any capital, according to the SEC filings.
As previously reported by Agri Investor, Snoop Dogg invested in the Series A round of funding of Eaze, a Bay Area legal cannabis delivery service. The round closed on $10 million in mid-April.
It was first reported in February by TechCrunch that Snoop Dogg was going into the venture capital business. Last year in September, Snoop Dogg and Jared Leto, an American actor, singer, songwriter and director, invested in Robinhood, a free stock trading platform. In October, they invested in Reddit, a social media bulletin board.
Investment into cannabis-related companies has been picking up pace, particularly on the technology front.
CannaVest, a manufacturer and distributor of cannabis derivatives from hemp, raised $6.5 million in May. Privateer Holdings, the largest private capital raising effort in the legal cannabis industry to date, closed its Series B round of funding on $75 million in April. Tumbleweed Holdings, a cannabis investment firm, is on the hunt for new acquisition targets to ramp up its portfolio in this growing industry.
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