On Nov. 4, 2016, Privateer Holdings, a Seattle-based private equity firm focused on the legal cannabis industry, announced that it has closed $40 million in convertible bridge funding, the first part of a future $100 million Series C equity round.

The $40 million raise brings Privateer’s fundraising total to $122 million, signifying the first time a legal cannabis company has raised more than $100 million.

“From the United States to Canada to Europe to Australia, we are witnessing a global paradigm shift and the transformation of a $200 billion industry,” said Brendan Kennedy, co-founder and Chief Executive Officer of Privateer Holdings. “As the industry transitions from a state of prohibition to a state of legalization, we are proud to be developing a global portfolio of responsible, mainstream companies with the potential to grow into billion-dollar brands.”

Privateer plans to use its latest funding to make acquisitions, launch new ventures and enhance its current collection of cannabis assets, which include Tilray, a licensed cannabis producer based in British Columbia; Leafly, an online resource for strain reviews; and Marley Natural, the Bob Marley-inspired cannabis brand.

According to Fortune, Privateer hasn’t issued a timeline for completing its future $100 million Series C equity round, but the company is in talks to raise the $60 million needed to close it.