Jacob Redmond
Well-Known Member
Medical marijuana is legal in some form in nearly half of the country, but the federal government looks at it as drug money and discourages banks from doing business with the marijuana industry.
Marijuana businesses have to operate differently, dealing mostly in cash and getting enough cash to get up and running can be a challenge.
In a world of electronic banking and e-commerce, it's hard to image a $150 million a year industry doing business almost all in cash, but that's what is happening in Denver, Colorado.
At a time when medical marijuana dispensaries are primed to come online in Nevada, a local investment banker sees an opportunity to make the Las Vegas valley into the Silicon Valley of a budding new industry.
"Our regulatory framework is better, our business environment is better," said Leslie Bocskor, founding chairman, Nevada Cannabis Industry Association.
He is the managing partner of Electrum partners which is a capital firm that aims to help marijuana-related businesses get off the ground.
Like Silicon valley in the early days of the tech boom, he says the buzz at marijuana industry events across the country is the opportunity to set up shop in Las Vegas.
"There is not one single event I've been to where they don't talk about Las Vegas becoming, and essentially positioned to be the leader in this industry," Bocskor said.
Developments like North Las Vegas' Apex Business Park, for example, offer tax breaks and other incentives for marijuana businesses to establish there.
In return, local governments and the state want to see significant tax revenue in return which is something that is being seen in Colorado right now.
"You get massive amounts of cash, people paying half a million dollars in tax bills with a duffle bag full of cash," said Mark Barnes, marijuana industry attorney.
Under current medical marijuana laws in Nevada, 75 percent of taxes goes towards K -12 education.
Whether or not recreational marijuana passes the ballot next year, investors say more businesses paying more taxes will be a big economic boost.
"The state is trying to balance its budget, and this is one of the few areas where we can do it, and it's not going to be raising property taxes, it's not going to be taxing the existing businesses," Bocskor said.
State lawmakers are also working to loosen restrictions on Nevada's medical marijuana industry.
On Tuesday, state Senator Tick Segerblom's bill allowing Nevada colleges to grow marijuana and conduct hemp-related research will go in front of an assembly committee.
It has already received the approval of the full state senate.
News Moderator: Jacob Redmond 420 MAGAZINE ®
Full Article: Local investor sees prime pot potential for Nevada - 8 News NOW
Author: Patrick Walker
Contact: Contact Us - 8 News NOW
Photo Credit: Mark Mutchler
Website: Las Vegas News | Weather | Traffic - 8 News NOW
Marijuana businesses have to operate differently, dealing mostly in cash and getting enough cash to get up and running can be a challenge.
In a world of electronic banking and e-commerce, it's hard to image a $150 million a year industry doing business almost all in cash, but that's what is happening in Denver, Colorado.
At a time when medical marijuana dispensaries are primed to come online in Nevada, a local investment banker sees an opportunity to make the Las Vegas valley into the Silicon Valley of a budding new industry.
"Our regulatory framework is better, our business environment is better," said Leslie Bocskor, founding chairman, Nevada Cannabis Industry Association.
He is the managing partner of Electrum partners which is a capital firm that aims to help marijuana-related businesses get off the ground.
Like Silicon valley in the early days of the tech boom, he says the buzz at marijuana industry events across the country is the opportunity to set up shop in Las Vegas.
"There is not one single event I've been to where they don't talk about Las Vegas becoming, and essentially positioned to be the leader in this industry," Bocskor said.
Developments like North Las Vegas' Apex Business Park, for example, offer tax breaks and other incentives for marijuana businesses to establish there.
In return, local governments and the state want to see significant tax revenue in return which is something that is being seen in Colorado right now.
"You get massive amounts of cash, people paying half a million dollars in tax bills with a duffle bag full of cash," said Mark Barnes, marijuana industry attorney.
Under current medical marijuana laws in Nevada, 75 percent of taxes goes towards K -12 education.
Whether or not recreational marijuana passes the ballot next year, investors say more businesses paying more taxes will be a big economic boost.
"The state is trying to balance its budget, and this is one of the few areas where we can do it, and it's not going to be raising property taxes, it's not going to be taxing the existing businesses," Bocskor said.
State lawmakers are also working to loosen restrictions on Nevada's medical marijuana industry.
On Tuesday, state Senator Tick Segerblom's bill allowing Nevada colleges to grow marijuana and conduct hemp-related research will go in front of an assembly committee.
It has already received the approval of the full state senate.
News Moderator: Jacob Redmond 420 MAGAZINE ®
Full Article: Local investor sees prime pot potential for Nevada - 8 News NOW
Author: Patrick Walker
Contact: Contact Us - 8 News NOW
Photo Credit: Mark Mutchler
Website: Las Vegas News | Weather | Traffic - 8 News NOW
