Millions Invested in Marijuana When Prop. 64 Passes

Proposition 64, the measure to legalize marijuana, has investors champing at the bit to get a taste of the revenue.

According to The Mercury News, it’s estimated that the marijuana industry will generate at least $7.6 billion annually across the state from just the sale of actual pot, not even including other marijuana-related items that could balloon this revenue even higher. And now that the measure has passed, this could come to fruition with the help of equity funds like L.A.-based Seventh Point LLC.

“Over the past 18 months a number of more traditional investors have come off the sidelines for what we feel will evolve as a historic industry,” said Steve Gormley, founder and CEO of Seventh Point. “I liken this to what it must have been like to invest in alcohol three to five years before Prohibition was repealed when companies like Seagram’s emerged.”

The main hub for this boom? Gormley believes the L.A. basin.

Read more at The Mercury News.