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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Oakland Lab Creates ‘Low Anxiety’ Pot

One of the nation’s most sophisticated cannabis testing labs has yielded powerful results this spring, isolating a “low-anxiety” strain of the plant by closely tracking the potency of local crops. The strain of medical marijuana from Oakland’s Harborside Health Center is based on findings from the dispensary’s new Steep Hill laboratory. The strain is a custom-bred True Blueberry crossed with OG Kush, said Harborside Health Center Director Stephen DeAngelo.

Patients report getting pain relief without getting too stoned. “They’re not saying that it’s no buzz at all; what they’re saying is that it’s diminished,” DeAngelo explained. “They describe it as being mellow, even, steady, not overwhelming, not producing anxiety.”

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