Yahoo Finance Willie Nelson's weed brand is now backed by private equity
Willie Nelson has just scored private equity backing.
Tuatara Capital, a New York-based private equity firm, has said it will lead an investor group that is financing the development of Nelson's namesake cannabis brand, Willie's Reserve.
Willie's Reserve is set to be grown, distributed and sold by local businesses in Colorado and Washington. The company plans further expansion as state laws change.
"It's just a matter of time in this country before it's legal. I feel like I bought so much, it's time to start selling it back" Nelson, long an outspoken consumer of and advocate for cannabis told Rolling Stone in April.
So far, four U.S. states and the District of Columbia have legalized recreational marijuana. Of those, two — Colorado and Washington — have already begun retail sales of recreational marijuana. Oregon is set to follow suit, legalizing sales of recreational marijuana next month.
Founded last year, Tuatara Capital already has raised nearly $26 million, which it intends to invest in high-growth companies in the legal cannabis sector.
"There is so much innovation happening in the cannabis space, and we are excited about the future prospects of the industry. We see incredible potential to support the industry in its growth and evolution," Tuatara's Chairman Mark Zittman said in press release announcing the firm's investment in Willie's Reserve.
Tuatara, though, isn't the only private equity firm working to generate profits from pot. And Nelson is among a number of celebrities lending their names to a variety of cannabis and cannabis-related products.
Privateer Holdings, a Seattle-based private equity fund whose investors include Peter Thiel, is funding Marley Natural, a strain of cannabis named for iconic musician Bob Marley and other cannabis-related ventures, including Leafly, a website known for its reviews of cannabis strains. Privateer Holdings closed a $75 million fundraising round early this year.
Related articles:
Proposed Jimi Hendrix marijuana product line could trigger new fight
Here’s how big the legal pot business will be by 2020
7 celebrities who are venturing into the pot business
Related video:
