Family Offices Fuel Marijuana Growth
After selling off unprofitable divisions of the Babcock Lumber Company, the Babcock family began exploring new industries to invest in. Their search ultimately led them to an unexpected destination: the fledgling marijuana industry.
“The 2014 ballot initiative in Florida spurred our interest in medical marijuana,” said James Clifton Whatmore, president of MAB Investments in Sarasota, Fla. “Legal medical marijuana was so hyped up, it was hard to ignore.”
MAB Investments made its first direct investment in a marijuana company just one year ago.
“I was drawn to the newness and growth of the cannabis industry,” Whatmore told Private Wealth.
They are not the only family enterprise looking to make profits into the formerly taboo industry. Family offices nationwide are increasingly investing in legal marijuana companies despite the stigma that remains attached to cannibas, according to the Viridian 2015 Cannabis Industry Report.
“We have tracked numerous new private...
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