Peter Thiel has never shied away from investing in companies so experimental that they’re too new to even be part of an industry.

So it’s hardly surprising that Thiel’s Founders Fund has become the first institutional investor to make an investment in the nascent cannabis industry – a business that isn’t even legal in half of the states in the country.

This morning, Founders Fund confirmed the buzz that has been circulating for several weeks: partner Geoff Lewis is leading an effort to take a minority stake in Privateer Holdings, the Seattle-based company that owns For those who haven’t heard of it, Leafly is like Yelp for pot and medical marijuana buyers looking for reviews and price information. Privateer also controls a Canadian medical marijuana growing operation, Tilray, and other cannabis ventures.

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