Celebrity-endorsed cannabis companies are on the rise, with many high-profile A-listers gradually getting involved in the multi-billion dollar space. Seasoned smoker and hip-hop artist Snoop Dogg is one of them. The 49-year-old is currently celebrating a successful fundraising round for his investment company — Casa Verde Capital.

Snoop, A.K.A. Calvin Broadus, famously co-founded the cannabis investment fund in 2015. The cannabis connoisseur recently demonstrated that his entrepreneurial skills had paid off, after SEC-filed documents confirmed that the company closed on $100 million for its second investment fund. 

Casa Verde has managed to raise the funds in perfect timing, considering the fact that the market is noticeably expanding amid the coronavirus (COVID-19) pandemic. The company’s diverse portfolio includes Miss Grass, Merry Jane, Proper. Dutchie, Bespoke Financial, Leaflink and Eaze; to name a few cannabis branda. 

“Essential” cannabis businesses have seen major success amid COVID-19

Despite the COVID-19 pandemic creating a trail of economic destruction in its wake,  Casa Verde has been triumphant in its efforts to establish a solid portfolio of brands. Industry insiders claim that the cannabis investment fund’s portfolio value is close to $200 million, with the funds coming from various avenues, such as fundraisers and special purpose vehicles.

With the fresh round of funding, the new venture capital fund observes its initial investment vehicle more than doubling in size. 

“Sitting here today, four-plus months into COVID, cannabis has really proved itself to be a non-cyclical industry. Cannabis has been deemed an essential business everywhere across the U.S. We had record sales in March, April and May, and the trend has continued,” Casa Verde’s managing director, Karan Wadhera, said in a July statement. 

“Now that we are getting into an environment where governments are going to be looking for additional sources of tax revenue, the potential urgency around cannabis legalization is going to be there, which is going to be massively positive for the industry,” added Wadhera, who didn’t comment on the recent news of Casa Verde’s $100 million fundraiser.

Managing director of Snoop Dogg’s cannabis start-up is optimistic about a Biden administration

Casa Verde is not shy about investing in different areas of the cannabis industry, with Snoop Dogg’s cannabis startup having previously dabbled in investments that range from supply chain logistics and delivery to brands and retail. 

With the Senate and the U.S. House of Representatives recently approving two separate cannabis research bills that could potentially trigger a wave of change in regards to the FDA’s stance on cannabis research opportunities, it’s likely that scientists will continue to further unearth the plant’s medicinal properties and uses. If and when that happens, consumer opportunities are sure to flourish further.

Moreover, if Congress decides to legalize recreational cannabis use nationally, investment funds like Casa Verde will be able to bulk up their portfolio with a broad spectrum of new brands. Wadhera discussed this subject with TechCrunch reporters in July, when she said that a Biden Administration could help to positively influence the regulatory environment; significantly more so than the Trump administration did. 

“I think Biden will be very helpful. He has laid out many of the things that he wants, and [while] he isn’t taking it as far as full-scale legalization, he’s certainly in favor of full-scale decriminalization, [meaning] letting states have full authority over what happens with their businesses, and also the rescheduling of cannabis down from the current Schedule 1 level.

So all of that will be incredibly helpful and will bring a lot more players who will feel comfortable investing in the space and, potentially, acquiring some of these businesses, too.”