Green Street, an LA-based marketing and branding agency focusing on the cannabis space, has sold an 50% stake in its burgeoning business to prominent investor Gary Vaynerchuk, the company announced Tuesday.
Founded by Rama Mayo and Joshua Shelton in late 2012, Green Street has helped celebrity clients including 2 Chainz, the game, and Broken Lizard (the comedy team behind the "Super Troopers" movies) bring partners together to create cannabis-related relationships.
Over the past two years, the agency has also created a first cannabis brand showroom in the penthouse of Miracle Mile's historic Art Deco Wilshire Tower building and hired a number of other like-minded brands to join them in a cannabis. - business incubator environment.
Vaynerchuk is an investor who has built a reputation for his smart start-up investments (the list of companies he supported in his early days consists of well-known names such as Twitter, Facebook, Venmo, Resy and Uber). He is also the brain behind the wine e-commerce platform Wine Library and chief executive of digital agency VaynerMedia.
Tuesday's announcement did not specify the terms of the investment, other than that it was a 50% stake, that the deal was reached “earlier this year,” and that Green Street evaluated itself at $ 28 million pre-money.