Paypal’s Co-Founder Is Making a Major Move on Pot

Founders Fund, the $2 billion San Francisco venture capital firm run by Silicon Valley stars including Peter Thiel, co-founder and former CEO of Paypal, is investing in Privateer Holdings, a marijuana company that owns several pot-related brands. The companies declined to disclose the size of the investment Thursday, but described it as a “multi-million dollar” participation in a $75 million fundraising effort by Privateer.