Marijuana Business Big in the US
Ren Benavidez | | Sep 05, 2014 05:10 AM EDT |
(Photo : REUTERS)
With the recent legalization of pot in 23 states, including Washington, D.C., the marijuana business has been showing promising progress in the United States.
Marijuana has been legalized in selected states for medical use in April 20. However, the nation is still engaged in a debate to determine whether it is a dangerous illegal drug or just as bad as alcohol or tobacco.
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However, in the states of Washington and Colorado, pot can be bought "just for fun."
The legalization of pot was seen as an "enticing opportunity" for investors and entrepreneurs who believe they can make pot a profitable business.
Kayvan Khalatbari, owner of a marijuana dispensary in Denver, said his pot business was funded by out-of-state investors because banks refused to be connected with his dealings.
According to Khalatbari, there are plenty of investors who want to fund the cannabis business. However, this investment comes at a very steep price because of its risk.
"It's very easy to get funding," he said, "but you won't be able to dictate the terms."
Meanwhile, the state of California is more lenient with its rules on pot.
In Los Angeles alone, there are reportedly more than 500 marijuana dispensaries. However, prosecutors can bring drug-trafficking charges against anyone who gets paid by the pot business because federal laws still consider marijuana to be as dangerous as heroin.
Businessman and Harvard-trained lawyer Andrew Freeman said he is "on murky territory every day". Every time he goes to work, he faced the fear of federal prosecution because of his cannabis business in Denver.
Besides Freeman, several thousands of pot growers, sellers, store owners, and edible-makers working in the 23 states that legalized marijuana also face the same penalties if federal prosecutors decide to step in.
The risk is even higher for former police and soldiers who now work in the pot industry because the penalty is higher for those caught using firearms in handling drugs.
Those who are in the marijuana industry are well aware of the risks they are facing, but believe that as long as they stick to the interpretation of the state law, federal prosecutors will not step in.
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