There's a Booming Multibillion-Dollar Industry That the Biggest Players on Wall Street Won't Touch
Wall Street's big money is not ready to dive into the booming cannabis industry.
Companies in the legal-pot industry will generate nearly $7 billion in sales this year - a 25% growth rate - according to ArcView Market Research, a group that tracks the market.
But the investors with the deepest pockets are likely to sit on the sidelines for some time to come.
MedMen, a company that consults for the medical-marijuana industry, launched the $100 million MedMen Opportunity Fund last week with the goal of breaking into large markets with limited licenses.
MedMen founder and CEO Adam Bierman told Business Insider he expects that the rest of the investors in this first round to be high-net-worth individuals and family offices. The Chicago-based Wicklow Capital, which is the anchor investor in this round, would fit the description.
But many larger investors, with billions in assets under management, may sit this out because...
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