Weed is a big business.
Ghost Group, a venture capital firm located in Newport Beach, California, is raising a fund to provide people with an opportunity to invest in the growing (ha) marijuana industry. Ghost Group manages two funds. The latest is called Emerald Ocean Capital and will invest in companies and technology in the “legal cannabis and medical marijuana” sector.
The marijuana industry is in a state of transformation. Colorado and Washington legalized the drug for adult use, and 18 states have enacted laws to legalize medical marijuana. The Pew Research Center conducted a study in March that found that not only do 65 percent of millennials (people born since 1980) favor legalizing marijuana but that 50 percent of Baby Boomers (born between 1946-1964) and 54 percent of Generation X (born 1965-1980) also favor doing so.
“Similar to the end of prohibition, the marijuana industry is in a transformative era, and Ghost Group and its host of companies are well positioned to take advantage of the unrealized potential of this burgeoning sector,” said cofounder and partner Justin Hartfield.
Related: Marijuana industry gets a little help from its friends in Congress
