There’s no shortage of professional athletes who’ve invested in the legal cannabis industry, but the latest is a household name: NFL Hall of Fame quarterback Joe Montana has bought into cannabis technology company Herb.
Montana and his venture capital firm, Liquid 2 Ventures, was a part of a group that invested $4.1 million into Herb during the company’s seed-funding round.
Herb, established in 2016, produces and distributes cannabis-related news, entertainment, and video content. The company, which has offices in the US and Canada, says it draws more than five million unique visitors a month.
“With the trend quickly leaning toward national or even global legalization, we think it will be imperative that there is a reliable source of educational content, which will ensure that cannabis consumers are well-informed about the benefits as well as the risks of using the plant,” Montana said in a statement.
Montana and Liquid 2 joined several others in the funding round, which was led by Lerer Hippeau Ventures with participation from Slow Ventures, Michael Lazerow, Bullpen Capital, Shiva Rajarama, Tobi Lutke, Harley Finkelstein, and Adam Zeplain.
Eric Hippeau, managing partner of Lerer Hippeau Ventures, said he felt Herb filled a void in the marketplace.
“Because the market is so new, brands wanted to establish themselves and reach consumers, and consumers wanted to know more about sellers, products, legislation, and all other content related to the cannabis business,” Hippeau said. “HERB has been that go-to place for consumers, brands, and anyone who’s looking for information about the industry.”
Matt Gray, Herb’s CEO and founder said in the release that it’s a monumental moment for the company.
“As we usher in a new and diverse demographic of cannabis consumers, investors are seeing the value in the cannabis industry and importance of having a reliable technology platform to educate and inform consumers,” he said.