Venture capital investors would be dopes to pass up this opportunity.
Colorado's burgeoning legalized marijuana trade is smoking hot and now worth more than $1 billion, according to an analysis from the New York-based Convergex brokerage. (Tweet This)
That's "a number so hard to reach that tech (venture capitalists) call any company worth that much a 'Unicorn,'" stated a note from the firm's Nicholas Colas and Jessica Rabe. The marijuana buzz has entrepreneurs "trying to get ahead of the competition as more states legalize the drug or are finding indirect ways to invest, particularly in the tech community."
Convergex has been tracking the industry since it was legalized in Colorado in 2012. The brokerage found that banks are generally loath to lend to anyone looking to start a pot-related business, though it did find one credit union "that aims to serve the cannabis and hemp industries specifically."