COLORADO: Robert Frichtel is chief executive officer of Advanced Cannabis Solutions, a Colorado Springs company that leases indoor spaces for growing pot.
On Jan. 23, he and representatives of 11 other marijuana companies will seek funding from as many as 70 investors at a Las Vegas meeting organized by ArcView Group, an investment firm focused on the industry. “Everybody is running toward this as the next entrepreneurial wave—the green rush,” Frichtel says.
Investment interest in the marijuana industry has surged since Colorado and Washington voters in 2012 legalized sales to anyone 21 years and older. Long lines formed when Colorado shops selling pot opened on Jan. 1. A total of 20 states, including California and Massachusetts, now allow the medical use of marijuana, and New York may be next under a plan announced by Governor Andrew Cuomo.
ArcView projects the market for legal marijuana will grow to $2.34 billion this year.