A group of entrepreneurs is looking to invest in legal marijuana companies, according to The New York Times. ArcView Investor Network recently organized a conference with 18 start-up companies that provide services to the marijuana industry.
One company, Dynamiq Lightning, sells products for indoor marijuana cultivation. Other companies provide security, lighting and storage for the industry. None of the companies grow or sell marijuana, the article notes.
The marijuana industry faces challenges, including an image problem. In addition, a number of states, including New York, have not legalized marijuana for medical or recreational use. Marijuana remains illegal under federal law.
Companies represented at the conference remain upbeat. Daniel Williams, President of Canna Security America, a Denver-based security solutions company for the medical marijuana industry, told the newspaper, “I believe once we hit the 25-state mark, that will be the tipping point of federal legalization.” He added, “The cannabis industry is growing so quickly, there’s no stopping it.”