Wealthy investors are pouring tens of millions into the cannabis industry in a bid to capitalize on the gold rush that’s expected when California legalizes recreational marijuana on Jan. 1.
Among the noted investors: tech and biotech mogul Peter Thiel, who co-founded PayPal and made a fortune with the cancer drug startup Stemcentrx.
Thiel contributed $300,000 to the California ballot campaign that paved the way for legalization.
Pot has been legal for medical use here since 1996, but with broader legalization, the industry is poised to explode.
Experts say the market for marijuana and related products in California will reach $6.5 billion in 2020, and likely spark legalization efforts elsewhere.
His investments have included vaporizer companies and Meadow, a website and delivery service that helps customers compare marijuana products.
As with medical marijuana for humans, the FDA has not approved any form of cannabis for pets. »