Marijuana investor Privateer raises $40 million on eve of U.S. elections
Marijuana private equity investor Privateer Holdings has raised $40 million in convertible debt ahead of next week's elections, with pot legalization on the ballot in nine U.S. states.
Several investors rushed to place their funds, while others held back to wait for the election results.
Of the nine states that will vote on Tuesday on legalizing medical or recreational marijuana, California ranks as the most important.
The most populous U.S. state is considering allowing recreational adult use.
If the measure passes, it is expected to legitimize part of a multi-billion-dollar black market and open new opportunities for companies ranging from software to pot delivery.
Financial services firm Cowen and Co forecasts a $50 billion U.S. market in a decade, up from $6 billion in legal sales today.
U.S. law prohibits marijuana but federal agencies so far have limited their enforcement effort for companies which follow local laws in states that have legalized pot.
Seattle-based...
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