Wall Street Aims To Make Green From Legal Marijuana
April 16, 2018Updated Apr 16, 2018 3:12 PM
There’s still legal uncertainty surrounding the marijuana business in the U.S. But that is not stopping Wall Street from dipping into the market, now that nine states and Washington, D.C., have legalized recreational use.
Green Table, a networking business, has been bringing together investors and marijuana entrepreneurs who are looking for funding.
Here & Now’s Peter O’Dowd speaks with Green Table partner Bill Marcus, about how he got into the pot business, which last year was worth $7 billion.
“We’re talking last year I believe it was close to $7 billion, and the growth rate is about 29 percent a year,” he says. “It’s one of the fastest growing industries in America.”
On what attracted him to the marijuana industry
“We are getting great traction. We only launched a year ago. We do it at beautiful locations or in states that are having critical opportunities like, for example, July recreational here in [Massachusetts]. That’s what attracted us here. We have institutional backgrounds in terms of capital markets. My partner Greg Schreiber and I have been working in capital markets our whole careers. … We’re Wall Street guys … and we noticed that there was an opportunity in the cannabis marketplace in terms of capital raising at the highest end, at the premium level, where people who have big checks to write — and we’re talking about private equity funds, ultra-high-net-worth individuals. They are mostly, some of them are trying to avoid the press, because they’re still — at the federal level [marijuana] is an illegal substance, but many of them are getting involved across state lines, within state and internationally.”
On marijuana becoming