NBA players, talent agents and Snoop Dogg's venture firm are among the investors behind LEUNE, a California cannabis brand eying new U.S. markets.
The company closed a $5 million round on Thursday from big name athletes like Carmelo Anthony, John Wall, Lebron James' agent Rich Paul and Anthony Saleh, who manages artists like Nas and Future.
Plus, it's backed by Snoop Dogg's Casa Verde Capital, a Los Angeles-based venture capital firm focused on seed investments for cannabis startups.
"I've been seeking to make an investment in the cannabis space for quite some time, but never found a brand that resonated with me until I came across Nidhi and her products," investor and celebrity La La Anthony said in a statement announcing the raise.
The company could not be immediately reached for comment.
The two-year-old startup sells cannabis products in over 130 California dispensaries and 19 delivery platforms. In a press release, founder and CEO Nidhi Lucky Handa said the funds will be used to contribute to hiring, growing LEUNE's product line and "unlocking more geographies." It's unclear where the company plans to launch next.
After becoming the first state to legalize medical cannabis use, California authorized recreational cannabis use in 2016. Last month, New York became the 15th state to legalize recreational marijuana, entering into what is becoming a crowded market.
Handa will also keep up her brand's commitment to social justice by working with The Last Prisoner Project, Eaze Momentum and the Floret Coalition — partnerships that include donations, mentorship opportunities and "awareness-building collaborations to amplify marginalized voices," LEUNE said in the statement.
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