The passage of Initiative 502 legalized recreational marijuana in Washington, but in doing so it raised another question: where will would-be businesses get the financial capital to get off the ground?
At least one answer was given last week in a press conference held by Seattle-based company Diego Pellicer. They announced that they intend to invest $100 million into the recreational marijuana industry in the United States, which is currently shared between Washington and Colorado.
Basing his business model off of successful Seattle-based coffee chain Starbucks, CEO Jamen Shively stated that Diego Pellicer’s investment in Washington would mean a dozen stores around the state. He expects that these locations would create over 1,000 jobs as well as a significant boost to our state’s economy.
The press conference also featured one big name backer: the former President of Mexico Vicente Fox. He was on hand to speak to the impact that a legal recreational marijuana industry would have on drug cartel violence in in Mexico and along the border.
There are still lingering questions about the financial aspect of a legal, regulated marijuana industry. For instance, where will they bank? No institution has been willing to open an account with a marijuana dealer. At least when it comes to investors and startup capital, however, the picture is beginning to look much clearer.