I came across an article at Entrepreneur.com by Kim Lachance Shandrow. In it she asks the investors from the popular TV series, Shark Tank, about their views on investing in the cannabis industry.
Many of their responses were familiar because savvy and successful investors like them won’t invest in an industry where there is no access to banking. Because of federal laws, and IRS tax code 280e, it is too risky for many investors when they have to think about losing their investment to the federal government, or having the feds come after them personally. Furthermore, having to stash hundreds of thousands of dollars of cash everywhere isn’t something a successful investor is going to want to do. For them, it’s all about timing, most likely when the federal laws are changed.
It was interesting to hear their responses. You could sense that many of them had at least researched investing in marijuana. One question I would have liked to hear them answer is: What are your thoughts on investing in ancillary businesses?
There are many businesses like our own site that aren’t directly involved in the cannabis industry. I also think it would be awesome to see people with such high net worth get involved with the cannabis movement politically. I bet that if only one of the Sharks got involved with cannabis on a philanthropic level it would hasten the change of our countries outdated marijuana laws exponentially.
Kim at Entrepreneur.com writes:
The Sharks have seen it all. Entrepreneurs of all stripes vy for their cash in the Tank, and sometimes their businesses are just plain weird.
There was the hiker who turns roasted crickets into energy bars, the husband and wife on a mission to change the way we poop, one Squatty Potty at a time, and, who could forget, that guy who badly wants to draw a cat for you.
One kind of business that hasn’t been pitched on Shark Tank: a wacky tobacky business. Not yet at least. With marijuana now legal in some form in 25 U.S. states and the District of Columbia, and legal at the recreational level in four states, it’s probably only a matter of time before a ganjapreneur swims with the Sharks.
I spoke with the judges on Sept. 23 during a swanky breakfast in Beverly Hills celebrating the season eight premiere of their hit show to learn how they feel about the budding marijuana industry and whether they’d invest in it. (Fellow Shark Daymond John did not attend the breakfast and has not responded to a request for comment.)
To read what the Sharks had to say about investing in marijuana read the rest of the article here at Entrepreneur.com