Early Facebook Backer, Snoop Dogg Partner With Pot Startup

Early Facebook Backer, Snoop Dogg Partner With Pot Startup

Snoop Dogg is an established name in legal weed. Tiger Global, on the hand, not so much. Now, the two are partnering to help a weed startup.

Tiger Global may not be a household name, but chances are you’re familiar with more than one of their investment companies. Founded by Charles P. Coleman III in New York City in 2001, Tiger Global was an early investor in some of the world’s most popular social media and streaming services, including Facebook and Spotify.

Teaming up with Snoop Dogg’s venture capital firm, Casa Verde Capital, Tiger Global contributed to a $17 million series A investment for marijuana tech company Green Bits.

Higher Tech

Green Bits is one of the leading cannabis tech startups in the country. Offering a seamless point-of-sale system that incorporates state compliance standards, business growth best practices, customer satisfaction features, and operations guidance. The company currently operates in 11 states and has processed as much as $2 billion in annual retail pot sales. Available in 800 retailers in the United States, Green Bits has drawn numerous comparisons to the point-of-sale system Square, which revolutionized retail sales and the ability to make mobile devices sales ready.

Impacting The Industry

Although much may not be known about Tiger Global outside of the business in which they have invested, jumping into the cannabis world is pretty telling move for the notoriously private group. Partnering with Casa Verde indicates a growing trend of traditional VC groups branching out into the world of retail pot. Many industry pundits point to Tiger’s investment as the first by an institutional VC into the marijuana market.

Boasting 38 exits among its portfolio of startup businesses, Tiger Global has a proven track record of building businesses to the point of major success or lucrative exits. With the cannabis industry still in its relative infancy, this move could prove a watershed moment for other startups and the potential for other major players to test the waters with legal weed.

For green businesses, the future is certainly looking bright.