Peter Thiel's venture capital firm is getting into the marijuana industry

Peter Thiel's venture capital firm is getting into the marijuana industry
(Image credit: iStock)

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."

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.