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Monday, 01/12/2015 2:13:49 PM

Monday, January 12, 2015 2:13:49 PM

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Silicon valley bets big on cannabis

"Supporters of cannabis legalisation called it a "Berlin Wall moment" and a "tipping point" as money was committed by Founders Fund, the venture capital firm started by Peter Thiel, the billionaire who gave Mark Zuckerberg his first $500,000 in funding."

"Privateer chief executive Brendan Kennedy, who was educated at Yale, told the Los Angeles Times: "Six to 12 months from now there will be investment banks who will have analysts following cannabis like they follow healthcare or agricultural commodities. “This announcement will give a lot of people in finance permission to look at this industry." Taylor West, deputy director of the National Cannabis Industry Association, said: 'This is a milestone. It shows the industry is solid enough that an investment firm like this is comfortable stepping in.'"

http://www.telegraph.co.uk/news/worldnews/northamerica/usa/11336825/Silicon-valley-bets-big-on-cannabis.html
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