Investors Prepare for Marijuana Business Startups - 8 News NOW

Investors Prepare for Marijuana Business Startups

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LAS VEGAS -- Some Nevada lawmakers say the grass could be a whole lot greener as soon as next year when they predict millions of dollars will be generated from medical marijuana sales.

More than 100 investors met in downtown Las Vegas Thursday. They are looking into the business possibilities for selling marijuana to Nevadans. The first dispensaries could be opening as soon as the spring of 2014 when lawmakers are expected to lift a waiting period on restrictions. That's when the state will hand down a set of guidelines for legal dispensaries.

It will mean a whole line of products could be sold legally to help people get high. Some investors are looking to cash in now. Entrepreneur Dooma Wendschuh usually pitches video games but now wants to pitch pot.

"Do I want to sit home and play the latest game that just came out or do I want to hang out with my friends and get high?"

He said he has decided to follow his passion. Wendschuh is the founder of Ebbu, a Denver-based line of cannabis products allowing consumers to choose a specific kind of high. He and several other legal marijuana startups are gearing up to pitch to an entire room of investors who are all looking for a piece of the pot pie.

"This is going to be looked back on historically as one of the most important times in the country," investor Eslie Bocskor said.

The investors say they're a part of something big. 

"We are at the forefront of this industry that is growing faster than any other industry in the United States," Bocskor said.

Nevada State Senator Tick Segerblom says cannabis companies have expressed interest in being based in Las Vegas.

"It just shows the energy around the country. Of course, we're the great place to meet for everybody, but of course we're business place," Segerblom said.

All that's left now is for cannabis investors to open their wallets to people like Wendschuh.

"I've never pitched to a large group of people before. You know, your brain shuts down, and then you wake up on the other end. That's all I can tell you," Wendschuh said.

He promises if he's successful, he'll open a branch of his business in the valley.

There are still concerns here at the local level. The Las Vegas city attorney stopped writing the medical pot ordinance because the dispensaries do still violate federal law. Also, the industry as a whole, is still worried about legal issues.

The company, ArcView, that organized the event with investors, only allowed 8 News NOW to speak with one business pitching cannabis products.

 

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