From the growers to the dispensers, the investors to the politicians, and the green in your bong to the green in their pockets, we're interpreting the detailed happenings in the budding wide world of business.
The First Pot Stock Billionaire Isn't Really a Billionaire
Although on paper Bart Mackay is technically pot's first billionaire, he doesn't exactly see it that way for a variety of reasons.
Here's how he is a billionaire: Mackay's holdings in CannaVest -- a company focused in developing, producing, marketing and selling end-consumer products containing industrial hemp-based compounds with a focus on cannabidiol (CBD) -- values to about $1.8 billion. CannaVest also happens to be the best performing stock of 2014 and its shares have risen 680% in the last year with another 300% since January.
Yet, here's how he is not a billionaire: "He says he has never sold a share of CannaVest and even if he wanted to sell some stock he couldn’t unload much before crashing the stock." His analysis is a perfect storm of sorts where marijuana stocks seem to be skyrocketing by way of the media and developing legislation.
Medical Marijuana in the Workplace
Current Illinois legislation has created a conundrum of sorts for all of the professional tokers in the state. Even though qualified medical users are allowed under state law to partake in their herb stashes, many a workplaces are effectively banning the use by maintaining zero-tolerance drug policies. "If an employer already has a drug policy, there's nothing in the act that prevents them from enforcing that drug policy," said Nesheba Kittling, a Chicago-based labor law attorney.
The long and the short of it is that your employers have all of the power under current laws. What they say goes and if you don't have a boss that will join you for a 4:20 break, then you better be investing in a Whizzinator if you continue to inhale.
Medical Marijuana Business Symposium Heading to Boston
Massachusetts is the next stronghold to fall to medical marijuana and it seems that the state wants to prepare for the inevitability of super stoned Celtics fans. Along with the National Cannabis Industry Association, the state will be hosting an all-day CannaBusiness Symposium focusing on federal and regional marijuana policy as well as industry updates. "Obviously the medical marijuana industry is getting started in Massachusetts, and there’s a lot of activity in the Northeast overall, so Boston is a good location for talking about the region,” said deputy director Taylor Left.
The symposium will also feature seminars on topics ranging from extraction and testing principles to financial guidelines.
Colorado Gets $2 Million from Recreational Marijuana Taxes
It's been all over the news as the top pot story of the year. In the first month of legal, recreational marijuana sales, Colorado generated $2 million in taxes resulting from a 15% excise tax, a 10% special sales tax and a 2.9% sales tax on recreational marijuana (whereas medical is only taxed with the 2.9% sales tax). So really with both medical and recreational marijuana combined, the state made a whopping $3.5 million from legalizing a substance that was already being used by most.
A good investment for the future of Colorado? We'd say so. Hop on board California!