Pubdate: Thu, 03 Nov 2016
Source: USA Today (US)
Copyright: 2016 USA TODAY, a division of Gannett Co. Inc
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Author: Trevor Hughes

LEGAL POT IS STILL A TOUGH DEAL FOR INVESTORS

DENVER - With California voters poised to legalize marijuana this
month, investors face a choice: jump into an industry whose
tantalizing growth prospects are hamstrung by its criminal legacy or
wait until federal-level banking and legal restrictions get resolved.

California for decades has been home to a thriving illegal marketplace
for black-market cannabis, but a legalization vote on Nov. 8 could
dramatically alter the landscape. A state-taxed marijuana marketplace
in California could generate $1 billion in taxes, experts say. That's
money that today vanishes into the pockets of black marketers and
smugglers. Polls show the measure with significant public support.

"I really believe California really is a watershed moment for this
industry," said Adam Bierman, the co-founder of the national cannabis
firm MedMen. The company offers consulting and management services to
the marijuana industry, and Bierman oversees the MedMen Opportunity
Fund, a $100 million private equity fund focused on cannabis ventures.
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