Privateer raises $40M, exceeds $100M in total funding

Privateer Holdings, a cannabis-focused private equity firm in Seattle, announced Friday it has closed on $40 million in convertible bridge financing, bringing its fundraising total to $122 million.

The news marks the first time a cannabis-related investment company has raised more than $100 million, Privateer said in a press release. The funding increase reflects growing investor interest in cannabis-related businesses.

Privateer said it will use the money to launch new ventures, make strategic acquisitions and expand its three existing…