SAN JOSE (KCBS)— It appears some venture capitalists have found something they hope may go “up in smoke”. The growing legal-cannabis industry is attracting investors who want to take advantage of what they think will be a growing business.
Troy Dayton, co-founder of The Arc View Group, an investment group for the legalized cannabis industry, explains that the organization is interested in pot startups.
“We have some tech investors from the Bay Area who are invested in tech startups and now they’re looking at this. We have real estate investors from all around the world, including people who are all accredited investors. These are people who all have a net worth of $1 million,” he said.
By some estimates the legalized pot industry is somewhere in the neighborhood of $1.5 billion.
The only drawback right now might be the laws, which vary state-to-state, making it hard to build a national business around the increasing acceptance of marijuana for medical and in some cases, recreational use.