Marijuana Investors Get Boost From N.Y. Legalization
While the nation’s 50 states remain divided on the legalization of marijuana, New York’s Compassionate Care Act has freed marijuana companies to open dispensaries in the nation’s largest city, capturing the attention of accredited investors nationwide.
The law legalizes certain types of medical marijuana in the Empire State and is expected to lead to the opening up of the state’s first marijuana dispensary in New York City in January—a development seen by some as a significant boost to bringing more investment dollars into the cannabis industry.
“We are receiving inquiries from family offices, funds and other more traditional investors looking for ways to invest in legal marijuana on the East Coast,” said Leslie Bocskor, managing partner of Electrum, a consulting company in Nevada that is launching a marijuana-related hedge fund.
Vireo Health, for example, purchased land in Fulton County in upstate New York to construct its grow facility and is...
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