Former San Francisco 49ers quarterback Joe Montana knows an opportunity when he sees one, and one of the largest growing industries is cannabis.
The NFL Hall of Famer joined former CEO of Yahoo Carol Bartz and invested in Caliva, a San Jose-based weed dispensary and delivery service, raising $75 million in funding, the company said Thursday.
Caliva provides delivery service across the Bay Area and sells its own brand of products including marijuana buds, vape pens, edibles and other CBD- and THC-extracted products.
Bartz will serve on the company’s board of directors, according to CEO Dennis O’Malley.
In a statement, Montana said that he hopes the company will bring “quality health and wellness products that can provide relief to many people and can make a serious impact on opioid use or addiction.”
Marijuana is recommended by some professionals for pain management, but there are also some who hope it could help treat opioid addiction. Experts are still waiting to see whether medical marijuana will have any effect on the opioid crisis.
The latest annual report from Eaze, a California marijuana delivery service, found that 71 percent of its surveyed consumers said they reduced or stopped their over-the-counter pain treatment.
This isn’t Montana’s first investment in the marijuana industry. In 2017 he took part in a $4.1 million investment in Herb, which produces and distributes marijuana-related news and entertainment.
Montana retired after the 1994 season after playing 13 of his 15 NFL seasons with the 49ers. He led the team to four Super Bowl wins as its starting quarterback.