Photo: Illustration: Lazaro Gamio/Axios

Raising venture capital for a "vice" product used to be almost impossible, due to specific restrictions in limited partnership agreements. And many of those anti-vice clauses persist, even with the mainstreaming of cannabis.

The big picture: Dockery's big pitch is that the relative lack of competition — and of federal legalization, in the case of cannabis — means that many valuations are artificially depressed. The fund already has invested in a handful of startups, including Recess (CBD-infused drink), Indose (cannabis vaporizer), and Bev (canned rosé wine).

There's an entire fund devoted to the cause:

  • Vice Ventures is led by Catharine Dockery, a former Walmart digital brands executive who before that led private investments for Bonobos founder Andy Dunn.
  • Target sectors include cannabis, alcohol, sextech and gambling.
  • It just raised $25 million for its debut fund, all from individual investors (including Marc Andreessen and Bradley Tusk).
  • Dockery says it was difficult to get family offices to invest, often due to conservative older family members.

Dockery also said few other niche areas of interest:

  • Psychedelics: Vice won't fund clinical trial-stage companies ("I'm not a doctor"), instead waiting until products hit market.
  • Esports: "They're highly addictive."
  • Tobacco: "We'll be investing in harm reduction products."

Go deeper

Trump says Republicans have an "obligation" to fill Ginsburg's seat

President Trump. Photo: Stephen Maturen/Getty Images

President Trump wrote in a tweet Saturday morning that Republicans have an "obligation" to fill Justice Ruth Bader Ginsburg's seat on the Supreme Court following her death Friday.

What he's saying: "We were put in this position of power and importance to make decisions for the people who so proudly elected us, the most important of which has long been considered to be the selection of United States Supreme Court Justices," the president said, tagging the Republican Party. "We have this obligation, without delay!"

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 30,547,473 — Total deaths: 952,758— Total recoveries: 20,815,512Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 6,727,889 — Total deaths: 198,612 — Total recoveries: 2,556,465 — Total tests: 93,150,052Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: The dwindling chances of eliminating COVID-19 — Massive USPS face mask operation called off.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety net.
  6. Education: At least 42% of school employees are vulnerable.
  7. World: Guatemalan president tests positive for COVID-19.

Hundreds gather to pay tribute to Justice Ruth Bader Ginsburg along Supreme Court steps

Photo: Alex Brandon/AP

At the Supreme Court steps Friday night hundreds of people gathered to pay tribute to Justice Ruth Bader Ginsburg — singing in a candlelight vigil, with some in tears.

Details: If there is a singular mood at the Supreme Court tonight, it’s some kind of a daze manifested by silence.