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.
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.
