The booming Cannabis industry raked in a whopping $1.23 billion in investments for January according to an organization that specializes in tracking the financial progress of the plant.
The numbers show 600 percent growth from $178 million worth of investments in the starting weeks of last year. Viridian Capital Advisors, the financial firm that has been keeping tabs on the industry also pointed out that the January investments in 2018 topped all of the investments made in 2016.
“We are seeing a steady maturation of the capital markets around the cannabis industry,” said Viridian Capital Advisors’ Vice President Harrison Phillips to Benzinga. “Early on, it was almost entirely high net worth individuals— and maybe a few family offices — investing in the cannabis space. Now, we are seeing more family offices getting involved, more high net worth individuals, more professional investors getting involved.”
This is a number that will likely grow as more states legalize the plant. The legislative changes have pushed the heads of financial firms to use their own money to invest in marijuana. “They are not necessarily investing in behalf of the firms they work with. We also know several private equity and venture capital groups that are out of the cannabis space, but actively looking for ways to play. And there are other big financial groups that are highly interested,” said Philips.
Source: complex.com
