Investors pour millions into Northern California marijuana industry
As millions of marijuana aficionados light up Wednesday at 4:20 p.m. in celebration of “Weed Day,” many are blissfully unaware of the increasing interest that investors with deep pockets are showing in their favorite psychoactive herb.
A green rush is on in the marijuana industry, with legal sales of cannabis rising by a billion dollars or more each year nationwide, according to one report, and venture capitalists pouring millions into marijuana enterprises ranging from computer software and social networks to storage bags, vaporizers and insurance.
The economic trend, which has some North Coast pot growers worried about competition from corporate giants, is already playing out in Santa Rosa, where the City Council voted in February to allow commercial cultivation in industrial areas, a move that could greatly expand the scale of medicinal pot operations.
Joe Rogoway, a Santa Rosa attorney for the cannabis industry, said investors are buying and renovating...
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