Marijuana the “next great American industry”

Until now, fear of prosecution by federal authorities — who might view marijuana investors as conspirators in a federally illegal conspiracy — has kept investors away.  But, with the newly announced change in federal law enforcement policy that provides state-law-abiding businesses more cover, investors are now looking to invest in licensed marijuana stores in places such as Colorado and Washington state.

The legal-marijuana industry in the United States could mint multiple billionaires in the next decade, a Colorado cannabis business mogul predicted Tuesday at the Denver Athletic Club on Tuesday to listen to investment pitches from numerous up-and-coming marijuana-related businesses.  The meeting of the ArcView Investor Network, a 3-year-old endeavor based in California, was the largest the group has ever held.

However Steve DeAngelo, a California dispensary owner and a co-founder of ArcView, cautioned that the industry’s potential is dependent on business owners acting responsibly.  “Continued progress is going to depend a lot on how the country perceived us following through on our promises,” he said.

This is an extract of the article published by John Ingold in the Denver Post September 24, 2013.

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