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Snoop Dogg’s Cannabis Company Closed its Debut Fundraising With $45M

Snoop Dogg’s Cannabis Company Closed its Debut Fundraising With $45M

Dina Al-Shibeeb
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Casa Verde Capital (CVC), a venture capital firm focusing on the ancillary cannabis industry has closed its debut fundraising campaign with $45 million. One of its founders is the famous US rapper, Snoop Dogg. 

The ancillary-end of the cannabis business is about “not touching the plant.” It includes businesses such as agtech, health & wellness, financial services, technology, media, compliance and laboratory technology.

The US-based CVC raised its funds last year, managing partner Karan Wadhera, an alum of both Goldman Sachs and Nomura Securities, told TechCrunch in an interview.

The money raised came from “a decent blend of limited partners that includes family offices and individual investors.”

“We don’t have any institutions [funding us] yet, but we saw a lot of them poking around as we were closing the fund,” Wadhera said.

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Wadhera. (Image via TechCrunch)

CVC has also more plans to pursue.

In addition to its eight investments, “a couple of new investments to be announced in the next few weeks,” Wadhera said.

“We’re very active. If we aren’t leading a deal, then we’re co-leading and taking board seats or board advisory roles.”

He added: “We have a lot of access and touch points in this industry.”

Asked about Snoop Dogg’s role, Wadhera said the entertainer and businessman “mainly handles the financial modeling.”

“He’s among the most important cultural figures in this industry, which is incredibly important,” he said.

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“His involvement lends a lot of credibility and excitement to our portfolio companies. He’s also there for input whenever we need it.”

The musician has a “hands-off” approach on investment, “but when it comes to certain companies, he’s very involved, including with Merry Jane.”

Merry Jane is a lifestyle media site focused on cannabis.

“That’s content. That’s media. That’s Snoop’s bread and butter.”

CVC has already invested in the Toronto-based cannabis tracking software company, Trellis.

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