This week, two separate investors independently announced plans to invest $200 million in canna-businesses. On Tuesday, a California real estate firm announced plans to invest $100 million into medical and recreational cannabis over the next year. On the same day, a wealthy Florida attorney and MMJ advocate announced plans to invest $100 million into medical marijuana. The combined $200 million in proposed investments sets a record for the largest amount of cannabis investments disclosed in one day.
StarGreen Capital, a subsidiary of Beverly Hills real estate company StarPoint Properties, announced that it is prepared to invest in a number of marijuana companies in California, starting with cultivators, manufacturers and retailers. “We’re just seeing a much greater, and greener, opportunity in this space and we feel like [the cannabis industry] is a much better place to invest capital,” StarGreen Capital CEO Paul Daneshrad said. The company, which has already invested $15 million in canna-businesses, is also prepared to look into other canna-legal states for investment opportunities.
Orlando-based attorney John Morgan also announced that he was prepared to invest as much as $100 million into “the right opportunities” within the marijuana industry. Morgan has been one of the strongest advocates for medical marijuana in his home state, spending $6.8 million to support a successful campaign to legalize MMJ. “I am prepared to invest significant monies in this industry and I plan to,” he said. “I have learned a great deal about the miracles of marijuana over the last five years. And what better person than me to be involved?”
Morgan's financial support has drawn accusations that he is only supporting MMJ in order to protect his own business investments. In 2014, Trump associate Roger Stone accused Morgan of trying to buy his way into the growing MMJ business via campaign contributions, an accusation that the attorney has repeatedly denied. This year, Morgan announced that he is considering running for governor of Florida in 2018, which could be a boon for MMJ legislation in the state.