“With marijuana’s legalization in Washington state and Colorado, entrepreneurs are lining up to get into the marijuana business. They’re increasingly seeing marijuana as a legitimate business opportunity, rather than the illegal activity it has been for the better part of a century.”
Who said it: Brendan Kennedy, general partner Privateer Holdings
In Context: Kennedy was quoted in an article about his recently founded private equity firm that is targeting investments in the legalized marijuana trade in the US market. He estimates the market for cannabis to be USD 50 billion. There are huge hurdles to overcome with the legal of cannabis status in the US, according to the article. Colorado and Washington have legalized possession. Eighteen states allow medical marijuana even though the federal government still considers it illegal. (Image source: Privateer Holdings). Kennedy sees lots of potential in the professionalization of the trade in the coming years.
Where we found it: Upstart Business Journal