Privateer Holdings has more than 40 investors and has raised more than $50 million to date. Privateer's founder Brendan Kennedy told CNBC last month that he's waiting on more clarity from the federal government before the firm begins investing in companies that actually touch marijuana. He made the comments at last month's Marijuana Conference and Expo in Las Vegas.
"The disparity between state and federal laws has given us a lot of concern," Kennedy said.
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Privateer's only acquisition so far is Leafly, also based in Seattle. Leafly serves as the Yelp of the cannabis industry, helping users find the right strains of product and as an information hub for patients.
Privateer did not immediately respond to a CNBC request for comment. Thiel could not immediately be reached through Founder's Fund.