Peter Thiel is getting into the marijuana business, The Guardian reported. The Paypal co-founder and Silicon Valley entrepreneur is one of the four general partners heading up the Founders Fund, a venture capital outfit that backs unusual and cutting edge technologies. On Thursday morning, the Founders Fund confirmed rumors that it's angling to buy a multi-million dollar minority stake in Privateer Holdings, a company in Seattle that owns Leafly.com.
"For those who haven't heard of it," The Guardian explained, "Leafly is like Yelp for pot and medical marijuana buyers looking for reviews and price information."
It's the first time a major institutional investor has publicly entered the marijuana business, which is now legal for recreational use in four states and the District of Columbia — though in the latter case, the move has put the city on a collision course with Congress. Various allowances for medical marijuana are also on the books in 24 other states.