NEW YORK: Why is everybody buzzing about silly ol’ David Brooks? We have more important pot-related news to talk about.
High Times, the largest cannabis-related publication in the world, recently announced that it is making moves to establish a private equity fund to provide legitimate pot startups with much-needed capital.
According to CNBC, the “High Times Growth Fund” aims to open next month and to round up as much as $100 million over the next two years. This announcement of this fund was made in the midst of two other major milestones in the cannabis world: the appointment of a marijuana editor at the Denver Post newspaper, and of course the start of legal marijuana business in Colorado (which has yielded over $1 million in sales on its first day).
If successful, the High Times Growth Fund will be the most influential financial force in the legal marijuana industry ecosystem, as no other entity would possess its unique combination of capital and clout. Marijuana-related businesses currently encounter much difficulty obtaining reliable access to capital via traditional means, most likely due to the cultural uneasiness experienced by marijuana as a commodity. The fund will go a long way to reconfiguring the economic dynamics of this industry, and will serve to provide a strong capital foundation for budding weed entrepreneurs all over the country.