The tech startup trifecta that will ensure your path to success is as follows: 1) Know your passion 2) Solve a problem 3) Have tons of cash.
Luckily Snoop Dogg has all three and has decided to use his love for all things Cannibus to invest in Eaze, an on-demand marijuana delivery startup. To breakdown Eaze in startup lingo, “It’s like Uber, but for weed”
Of course Mr. Ganja himself, Snoop Dogg would invest in a weed startup. Were you expecting anything else? Seriously, though, outside of the fact that he is a “fan” of marijuana, since the legalization subject has picked up steam over the past couple of years, with some states even going as far as legalizing medicinal and recreational marijuana, it has ballooned into big business. Colorado, one of the four states that has legalized recreational weed has seen $573 million in pot sales since 2014. Additionally, over 53 percent of Americans support legalization according to a 2015 Pew Research Center Survey.
All that to say, Snoop Dogg, via his Casa Verde Capital venture firm (Yes, he also has an investment firm…guess what color the logo is), is not only investing in weed because of his personal interests, he is doing the smart thing and investing in an increasingly popular, high-growth market (see what I did there?).
How is he investing in weed? By funding an on-demand marijuana delivery startup, Eaze. No official word on how much Snoop has invested in Eaze, but the fact that it was one of the first pot companies to get support from institutional investors, and has raised over $10 million dollars to date, proves that Snoop isn’t the only person taking notice of the growing trend.
I wasn’t kidding when I said think of it as the Uber of weed. Simply put, Eaze lets verified medical patients in California (where medicinal marijuana is legal) connect with marijuana dispensaries, select their preferred brand of kush, and have the product delivered by runners drivers right to their doorstep. The entire transaction being done via the web or mobile app.
Since its launch in July 2014, Eaze has made over 30,000 deliveries and according to Eaze founders, they will use the additional funding to hire more employees and optimize their algorithm to shorten the delivery time to 10 minutes. “With public sentiment and public policy aligning to broaden access and the cannabis market surging toward $100 billion, we believe there is a huge opportunity as the fast moving technology and cannabis industries intersect” says David Chao, General partner with DCM Ventures, the primary backer of Eaze.
Eaze is currently available in 35 cities and Snoop Dogg and others have no plans on puff-puff passing on this opportunity to capitalize on this highper growth industry that’s sure to generate a ton of money, and leave a ton of empty Cheetos bags in its wake.
…Last corny weed pun, I promise. I’ll leave the marijuana startup jokes to the professionals.
Terrance Gaines is a husband, father, tech geek, wannabe drone pilot and Peanut M&M’s aficionado down in Atlanta. When he is not trying to keep his check engine light off, he’s writing about the latest tech gear on his blog, BrothaTech. Follow him Twitter @BrothaTech