Medical Marijuana Business Attracts Hedge Funds, Venture Capitalists

Marijuana has been a cash crop for many years in this country. The only problem is that most of that crop had been grown illegally. Now, that medical marijuana is legal in 15 states and the District of Columbia, legalized marijuana has quickly become so popular it is attracting attention from hedge fund managers and venture capitalists, not to mention a whole new batch of entrepreneurs.

Doctors still can’t prescribe marijuana because it is categorized as a schedule one drug like LSD. But they can recommend it and that’s all anyone needs to get a medical marijuana license that allows them to buy marijuana legally in those 15 states, with three more states about join them.

Each license sells for around $130 and some clinics selling the licenses have brought in more than a million dollars in just their first year. The once illegal joint is selling like hot cakes throughout middle America to consumers who no longer have to worry about getting arrested for possession, at least by local or state authorities.

The federal government still outlaws marijuana possession but it’s unlikely someone with a medical marijuana license will be busted by an FBI or DEA agent if caught smoking in his or her own home. In fact, just last year U.S. enforcers promised to leave medical marijuana operations alone if they complied with state law.

That prompted a significant increase in interest among entrepreneurs. Today, there are an estimated 2,400 medical marijuana dispensaries from California to Maine. In Colorado, they outnumber Starbucks two to one.

 

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Four Queens men sue NYPD after being held for 30 hours, busted for laughing at cops

Four Queens men claim they were locked up for more than 30 hours by cops seeking revenge on a crowd of men who laughed at an officer who couldn’t catch a fleeing drug suspect.

The men insist they didn’t even laugh, says their lawyer Gabriel P. Harvis, who filed suit against the NYPD and 10 unidentified officers in Brooklyn Federal Court. They believe they were arrested because cops wanted to take their frustration out on them, he said.

“The cops knew my clients had done nothing wrong, but they didn’t care,” said Harvis, who represents Abdul Kabba, Isaiah Barnes, Hasan Allen and Ishmial Deas. Police “were embarrassed, so they abused their power by locking them up anyway.”

The four were held for 27 hours in the 103rd Precinct stationhouse before the Queens district attorney’s office dropped the charges.

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Move over, Big Pharma and Big Oil, Big Marijuana is here

Legalization ‘looking inevitable,’ spokesman says

If there’s one group of people who get their way in Washington, it’s lobbyists.

Now, advocates of marijuana legalization may have a reason to cheer that political reality: They’re getting their own marijuana lobby group.

And just Big Pharma and Big Oil lobby for greater leeway for their businesses, so too will Big Marijuana push for their industry to be given the freedom to succeed.

Aaron Smith, executive director of the newly formed National Cannabis Industry Association, says that marijuana legalization is “looking inevitable.”

Smith told McClatchy news service: “It’s pretty clear that the medical marijuana industry is becoming recognized more and more by the mainstream as a fully legitimate part of the economy.”

Legalization “didn’t happen in 2010, but it’s likely to happen in 2012,” he added. “It’s going to be relatively soon we’re going to see states move from medical marijuana into broader legal markets. And the federal government needs to catch up. Frequently the American people are ahead of the Congress.”

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Rep. Lewis passed over for powerful chairmanship

Republicans passed over  Rep. Jerry Lewis in favor of a veteran Kentucky lawmaker Wednesday to chair the powerful House Appropriations Committee.

The party’s steering committee rejected Lewis’s request to waive term limits that bar him from reclaiming the post he held when Republicans last held the majority.

The decision deprives Lewis of a position that would have given him control over the federal government’s purse strings and a heightened ability to direct millions of dollars to his home district, which includes some of the Pass area.

See also: CREW’s Most Corrupt: Rep. Jerry Lewis

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Banned marijuana dispensary reopens in Wildomar

A medical marijuana collective engaged in a legal battle against Wildomar re-opened its storefront location Monday in defiance of a citywide ban on dispensaries.

The move by the Wildomar Patients Compassionate Group comes a week after the collective filed a legal petition seeking to block the city from enforcing its ban.

General Manager William Sump said the group believes Wildomar’s ban violates state law, which allows medical marijuana patients access to medication.

“I will only operate until a judge tells us not to,” Sump said.

Wildomar City Manager Frank Oviedo said the city would likely seek a court order forcing the dispensary to shut down.

“We’re going to enforce the city’s ordinance,” Oviedo said. “There is no other option. We can’t ignore our own laws.”

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Anti-US governor wins Okinawa poll

The Japanese on the southern Island of Okinawa have re-elected incumbent governor Hirokazu Nakaima, who wants an end to the American military presence.

Nakaima, who wants the US base off Okinawa altogether, beat his opponent who agreed to relocate the base to a less crowded area on the island.

In May, Tokyo and Washington agreed to implement a 2006 plan to relocate Marine Corps Air Station Futenma to a less crowded area in Okinawa.

The move infuriated local residents, who view the base as a source of noise, pollution and serious crime –including rape.
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Startups Backed By The CIA

The spy agency has a venture capital arm that is funding an array of companies developing bleeding-edge technologies.

Tiny cameras. Hearing devices for the teeth. Wi-fi for refrigerators. These are some of the products made by companies that have caught the eye of In-Q-Tel, the venture capital arm of the Central Intelligence Agency.

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