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Black Investors Prep for Medical Marijuana Business

Submitted by Marijuana News on Fri, 04/29/2016 - 10:29

A group of Maryland-based Black investors are pooling their money in order to invest in one of the many medicinal marijuana businesses hoping to get approval from the state of Maryland in the coming months.

The group, made up of 18 African American CEOs, is investing in Green Thumbs Industries, Maryland, a division of Illinois-based Green Thumbs Industries. Sterling Cooper, a general manager and part owner of the company, assembled the investors. The parent company currently operates three medical marijuana dispensaries in Illinois. Illinois patients were able to begin buying medicinal marijuana in late 2015 and the number of participants is currently in the thousands.

In Maryland, GTI purchased 21 acres of land near Hagerstown. “We picked Washington County, because we have a formula we use where we focus on markets that are developing, have high unemployment and are affected by mass incarceration. They tend to go to bat for...

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