Wall Street prepares to put pots of cash into cannabis - Growery News Service

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SpaceMonkey
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Registered: 02/09/09
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Wall Street prepares to put pots of cash into cannabis

#668617 - 05/01/13 04:11 PM (11 years, 6 months ago)

The money men see a huge opportunity in a market financial giant Bloomberg “conservatively” estimates at being worth between £23billion and £29.6billion.

Eighteen states and Washington DC have already legalised medical cannabis. Colorado and Washington State, recently permitted its use as a “recreational drug”. In Maryland, a law allowing “adult use” of pot is expected to be passed by summer.

Brendan Kennedy of private equity firm Privateer Holdings said: “Cannabis is heading down the same path as Prohibition, which banned the manufacture, transport and sale of alcohol from 1920 until 1933.”

After the bootleggers had been legally muscled aside, the shrewd investors, who bought idle breweries and distilleries and set-up distribution networks, reaped the phenomenal profits of repeal.

“More and more people are beginning to wake up to the inevitability that cannabis is going that way,” said Mr Kennedy. “They see the Berlin Wall of cannabis prohibition is going to come down, sooner rather than later.

His Privateer company is currently spending a modest- sounding £5million to acquire small companies that have a stake in the pot business but don’t actually cultivate or sell “weed”.

“With pot still federally outlawed, we are being careful with our acquisitions, backing firms that supply equipment or ancillary services while steering clear, for the time being, of cannabis farming and sales,” he added.

Alan Valdes, a floor trader on the New York Stock Exchange, plans to open a dozen Starbucks-like shops in Colorado and Washington, where patrons can relax with a joint after work, much like the “pot cafes” of Amsterdam.

“We want to be in at the very start of a boom that is going to make a lot of people incredibly rich,” he added.

Jim Fedalen, a legal expert based in Los Angeles, says: “Here in California, there is already a move to tax the sale of medical cannabis. When governments see the revenue streams that could produce, I think they will follow suit – and quickly.

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