As the legalization of cannabis is becoming more common across US states, Wall Street investors are deciding that this decision could bring them money-making opportunities.
This decision comes following data from Washington, which just after a year of legalizing cannabis, has sales topping US$1.4 million per day and soaring tax revenues. As well as this, a budget forecast published by the Office of Financial Management stated that it expects cannabis sales taxes to bring in more than $1 billion over the next four years.
Scott Greiper, the Viridian Chief Executive said;
“This industry, which has a DNA and a culture of Deadheads and pot heads, is actually undergoing an industrial revolution and it’s not just state legalization, it’s the type of people who are coming into the industry.”
The chief executive officer of ArcView Group. linking investors to cannabis businesses has agreed that investors with Wall Street Backgrounds are looking to invest in cannabis, where publicly traded stocks are already growing and becoming profitable;
“It certainly legitimizes cannabis in the financial capital of the world and that will get investors interested in the market most of all,”
Investor interest in cannabis has grown since 2012 when Colorado and Washington legalized the recreational use of marijuana. Since then, they are joined by Alaska, Oregon and the District of Columbia.
