Big-name tech investors pour millions into marijuana — both medicinal and not
As California gears up to legalize recreational marijuana, wealthy investors are rushing to back new products, both for health and for pleasure.
by Charles Piller
Aug 28, 2017
4 minutes
OAKLAND, Calif. — The storied Silicon Valley venture firm Benchmark Capital has launched a slew of tech companies: Twitter, Uber, Snapchat, Instagram. Now its search for the next big thing has led it to … pot.
Benchmark recently invested $8 million in Hound Labs, a startup here in Oakland that’s developing a device for drivers — and law enforcement — to test whether they’re too buzzed to take the wheel.
And that’s just the start. Wealthy investors are pouring tens of millions into the cannabis industry in a bid to capitalize on the gold rush that’s expected when California legalizes, including DNA analysis of each strain, to help customers find the perfect match.
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