Wall Street Wants Weed to Become the Next Big Investment Opportunity
The nexus of Wall Street and recreational cannabis has always been looming on the sidelines, attracting would-be investors curious about the new market and repelling enthusiasts who would rather keep operations small and local. Yet the recent passage of Proposition 64 is ushering in a new, seemingly inevitable era of big money as Wall Street financiers prepare to enter the country’s largest marijuana market.
Seventh Point LLC, a private equity firm that amasses discrete funds from top-dollar partners, is planning to invest up to $100 million over the next 24 to 36 months in Los Angeles. The organization will acquire legal medical marijuana dispensaries in good standing with the purpose of building out associated cultivation facilities for each acquired business. The move could give Seventh Point control of roughly 10 percent of the L.A. market, or eight to 10 dispensaries, and capture up to 50 percent of the $1 billion in...
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