The list of retired professional football players delving into the world of legal marijuana just got a bit longer as former 49ers and Chiefs quarterback Joe Montana has made a multi-million dollar investment into a California cannabis company.
San Jose-based Caliva announced Thursday that they had closed their first round of funding with a $75 million investment from Montana. The company plans to use the newly-acquired financial assets to continue to build their product portfolio and expand operations with retail outlets, wholesale distribution, and direct-to-consumer services.
“As an investor and supporter, it is my opinion that Caliva’s strong management team will successfully develop and bring market quality health and wellness products that can provide relief to many people and can make a serious impact on opioid use or addiction,” said Montana in a statement.
Caliva says that while California’s cannabis economy has shrunk by 17 percent as a result of regulation, the company has continued to grow and currently employs more than 440 workers and operates two facilities in the Bay Area.
“We are laser-focused on our strategy to build the most trusted brand in cannabis,” said Caliva CEO Dennis O’Malley in a press release. “With our best selling product portfolio, our large scale vertical integration, and our award-winning distribution channels we are confident we can maintain our growth rates in California in 2019.”
Montana is also a general partner at seed-stage venture capital firm Liquid 2 Ventures which invested in cannabis media company Herb in 2017.
