The Pot Rally Just Minted Three New Billionaires

The first private equity firm focused exclusively on the cannabis industry has spawned three billionaires.
Brendan Kennedy, Michael Blue and Christian Groh founded Seattle-based Privateer Holdings Inc. in May 2010 and the firm later invested in Canadian pot firm Tilray Inc., whose market value topped $21 billion Wednesday after surging more than 1,200 percent in the past two months.
The trio effectively owned about 45 percent of Privateer’s holdings in Tilray as of March 31, according to the cannabis company’s prospectus. Privateer’s stake in Tilray is now valued at $7.2 billion, giving each founder a net worth of at least $2.4 billion, assuming they hold equal stakes. Billionaire Peter Thiel is among Privateer’s backers. The stock gyrated wildly Wednesday — trading was halted five times because of excessive volatility — before closing up 38 percent on the day.
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The Pot Rally Just Minted Three New Billionaires

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