SAN JOSE (CBS SF) – Hall of Fame quarterback Joe Montana has made a big bet on California's new legalized marijuana market.
The San Francisco 49ers legend was among the investors in a $75 million funding round for Caliva, a San Jose-based cannabis manufacturer and distributor.
"[I]t is my opinion that Caliva's strong management team will successfully develop and bring to market quality health and wellness products that can provide relief to many people and can make a serious impact on opioid use or addiction," Montana said in a statement.
Joining Montana in the fundraising round was former Yahoo CEO Carol Bartz, who was also named to the company's board of directors.
The company plans to use the funding to grow its product line and expand its reach to consumers in California, the nation's largest legalized marijuana market.
"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," Caliva CEO Dennis O'Malley said.
Since his retirement from football, Montana has gone into investing in companies, becoming a general partner at San Francisco-based venture capital firm Liquid 2 Ventures.
Caliva currently employs 440 employees and has two operating locations in the Bay Area.
for more features.