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 A CANNABIS TECH COMPANY BACKED BY SNOOP DOGG GETS A MULTI-MILLION VALUATION IN LONDON




A CANNABIS TECH COMPANY BACKED BY SNOOP DOGG GETS A MULTI-MILLION VALUATION IN LONDON

At this point, no one is more associated with smoking marijuana than Snoop Dogg. According to MarketWatch, Snoop turned his love of marijuana into lucrative business opportunities, and one of the Cannabinoid companies he's financially backing will go public on the London Stock Exchange by the end of this week.



Oxford Cannabinoid Technologies, a pharmaceutical company developing cannabinoid-based prescription medicines, announced on Tuesday (May 18) that it had raised $23.4 million from investors in preparation for its IPO. One of the operation's main backers is the West Coast legend's Casa Verde investment fund. The company is currently valued at around $68 million. OCT intends to use these funds to develop four cannabis-based pain reliever drugs by the time commercial sales are legalized in 2027. “At OCT, we are pushing the boundaries of cannabinoid-based research, and there is clearly interest and excitement in the work we are doing,” said OCT Co-Founder Neil Mahapatra.



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One of the operation's main backers is the West Coast legend's Casa Verde investment fund. The company is currently valued at around $68 million. OCT intends to use these funds to develop four cannabis-based pain reliever drugs by the time commercial sales are legalized in 2027. “At OCT, we are pushing the boundaries of cannabinoid-based research, and there is clearly interest and excitement in the work we are doing,” said OCT Co-Founder Neil Mahapatra.



Snoop Dogg isn't the only rapper making headlines for his astute business decisions. Drake is investing in Daring Foods Inc., a plant-based chicken company that recently received $40 million in funding from investors. Another company Drake was involved with from the beginning is Wealthsimple, a brokerage firm based in Toronto that recently received a $4 billion valuation.



Outside of the business world, Snoop Dogg is going through some tough times within his family life. He recently asked for prayers from the Hip Hop community for his ill mother and his 21-year-old daughter Cori Broadus opened up about a suicide attempt she survived.

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