Medical marijuana is one of the fastest-growing industries in the country. With that in mind, investors are looking at Florida to get rich off it.
Basically, there are two ways to invest. First, in the actual plants, and secondly, in the equipment used to distribute marijuana. Investors are laying the groundwork in Florida now to cash in if cannabis becomes legal.
"Very few people got rich in the gold rush. But the guys with the picks and the shovels get rich. Everybody in the gold rush needs a pick," said Michael LaVoy of Beacon Asset Management.
That's an analogy that applies to modern-day marijuana sales.
It may be too soon to legally invest in cannabis, but some companies are setting up shop to invest in the tools needed to sell it, should it become legal in Florida.
"The people that look at it say there's about a $50 billion industry," LaVoy said.
Investors are looking at hydroponics, the legal method of growing plants that could be used later to grow marijuana.
Some companies are already trading on the stock exchange, all in hopes that states like Florida will put a constitutional amendment on our states' 2014 ballot.
A recent poll shows 70 percent of Floridians support medicinal marijuana. That's more than the 60 percent needed for a constitutional amendment to succeed.
It's also enough for some investors to start betting high on a future profit from marijuana.
"At one point in time, cannabis was going to be one of the largest products in the world. Until they illegalized it," LaVoy said.
This idea takes some vision, but it's believed if marijuana becomes legalized it could be one day traded like a commodity. There is precedent for this.
A similar business model began in the 1930s but was stopped in its tracks when marijuana was illegalized.
FOX 13 / WTVT-TV
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