So far, the cannabis industry has drawn investment from a handful of stars, and the green rush is just getting started. It isn’t just stoner celebrities like Snoop Dogg and Willie Nelson getting in on the action, but also professional athletes.
Investing in a marijuana delivery service, however, is something that no other NBA player has done (that we know of) until now. Recently, NBA megastar Kevin Durant did just that through his Durant Company.
Durant’s Dope Delivery Service
To be honest, we definitely didn’t see this investment coming from Durant’s investment company. Afterall, Durant Company’s past investments include the widely popular micro-investing app, Acorns, the most commonly known cryptocurrency exchange, Coinbase, and more.
Oregon-based marijuana delivery platform Dutchie, according to TechCrunch, raised a total of $3 million dollars. To be clear, it didn’t all come from Durant. Snoop Dogg’s Casa Verde Capital also participated, along with Sinai Ventures and a handful of other investors.
The $3 million dollars that Dutchie just raised does not guarantee that the company will be the cannabis delivery platform of choice in the future.
Cannabis Delivery is a Crowded Space
Given the segmentation of cannabis markets from state-to-state and even from municipality-to-municipality on a smaller scale, there are different marijuana delivery platforms popping up all over the country. Given the fact that delivery may become a huge driver of cannabis sales going forward, the competition is heating up.
Whichever one raises the most money and delivers the best platform will ultimately win market share in their region, which will give them the confidence and cash flows to move onto other states and expand their presence.
California-based Eaze has already raised a ton of money (including some from Casa Verde Capital), but more competition is still coming. Canadian-based Wildflower Brands Inc. (CSE:SUN) (OTC:WLDFF) just recently announced that it is entering the L.A. delivery space and it wouldn’t be surprising if others followed.
After all, what’s stopping established delivery services like Uber from getting involved down the line? That said, it is highly doubtful that any company Uber would touch the stuff until federal legalization, so until then it is fair game.
We’ll be watching Dutchie closely to see how things go with the new infusion of growth capital. In the meantime, be sure to subscribe to Cannabis News Updates so you never miss an important update.
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