Despite crackdowns and U.S. Attorney General Jeff Sessions’ voiding the Cole Memo, investors and backers of the cannabis industry seemed unfazed of these developments. This was shown in the amount of money that was poured into the industry during the first weeks of January, 2018. A report by the Viridian Cannibis Deal Tracker, acquisitions and investments in the legal marijuana industry reached $1.23 billion during the period stated. The amount is nearly the same as the whole year in 2016. Statistics show that the industry rose by 600% over the $178 million in the first weeks of 2017.
Privateer Holdings, an investment company based in Seattle, announced the completion of a Series C funding round raised $100M as investment to the cannabis industry. The company intends to use the funds for new ventures, acquisitions and open out new markets. Part of Privateer Holding’s venture is on medical cannabis company called Tilray. Tilray carries the official Bob Marley cannabis product, the Marley Natural.
Within the year, there will be more and more enterprises going into the cannabis industry in states that it is legal. Majority of investments are into retail operations and cultivation.
In Canada, companies expecting legalization of cannabis has raised $2 billion. It is foreseen that recreational marijuana will be legal this coming summer.
“While the medical market is expected to continue to grow over the next several years, the size of the coming adult-use market is expected to far exceed that of the medical side,” Viridian Cannabis Deal Tracker vice president Harrison Phillips told the Financial Post.