The medical marijuana industry is beginning to show its age, McClatchy Newspapers report. After humble California beginnings in 1996, 15 states and the District of Columbia have legalized marijuana use for ill patients who have a doctor’s recommendation. Nearly 25 million Americans are medically eligible to buy marijuana. Sales are expected to hit $1.7 billion this year.
Last week, the San Francisco-based ArcView Group, formed the industry’s first investment network to link cannabis entrepreneurs to qualified investors with “seed” money. “It doesn’t take a rocket scientist to realize that this industry is growing and that there are untold riches to be made here,” said ArcView’s Troy Dayton. In coming months, Arizona, New Jersey, Rhode Island, and the District of Columbia will join eight states where medical marijuana is sold legally. Some law enforcement officials have expressed concern that medical marijuana could be obtained by relatively healthy people who could lie or overstate their pain.