Football legend Joe Montana has contributed part of a $75 million investment, collected from a group of investors, in San Jose, California-based marijuana company Caliva, according to the AP. It wasn't disclosed what portion of the investment Montana contributed, but the former San Francisco 49ers quarterback said his venture capital firm, Liquid 2 Ventures, but this isn't the first time he's invested in a marijuana company. In 2017, Montana participated in a $4.1 million investment in Herb, a company which produces cannabis news and entertainment.
Montana said he is investing in an industry he believes "can provide relief to many people and can make a serious impact on opioid use or addiction."
Caliva intends to use the $75 million it raised to build a cannabis cultivation farm, a retail store, a distribution center, and a delivery service (cannabis delivery was recently legalized in California). Caliva also has a line of branded products it distributes to dozens of other cannabis stores in the state.
According to the AP, former Yahoo! chief executive Carol Bartz was also part of the investment and will join Caliva's board of directors. "People are discovering there are better ways to clamp down on pain than over drugging yourself," Bartz said while clarifying to the AP that she doesn't smoke marijuana but does use creams and tinctures and that she wasn't "a reefer head while in college," with a chuckle. Montana didn't respond to an interview request by the AP and hasn't publicly said whether he uses marijuana or not.
This article first appeared in Pot Network.
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