NFL Legend Joe Montana Bets Future of Cannabis is Branded Consumer Products
The newest California gold rush is all about weed or now more formally called cannabis. It was announced today that Montana, who founded a venture fund in 2015, is the latest notable investor in the space. He reportedly took part in a $75M fundraising round for Caliva, one of the top-selling marijuana brands in California. Former Yahoo! Inc. CEO, Carol Bartz also invested and joined their board of directors.
Caliva grows cannabis, has its a San Jose retail store, and delivers to the Bay Area. It also sells branded products (weed, joints, vape pens) at 200+ dispensaries in California, which is the world's largest legal market. More stores are planned across the state.
"Some are betting that the future lies in branded consumer products, rather than cultivation or retailing. The thesis is that as regulations ease and the legal market expands, U.S. consumers will want to get their hands on California cannabis, which is already familiar to connoisseurs who have been acquiring it on the black market for years."