Wall Street’s Marijuana Madness: ‘It’s Like the Internet in 1997’

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Entrepreneurs and investors are rushing headlong into the nascent legal marijuana industry, fueling a stock craze reminiscent of the late 1990s dot-com bubble and the recent bitcoin mania.

TORONTO—Shannon Soqui just quit his Wall Street job to go after what he thinks is a bigger business: selling marijuana the way Mary Kay Inc. sells cosmetics.

The 51-year-old banker wants to focus on Qind, his San Francisco startup that organizes home parties to sell cannabis products, to get a piece of what he says could sprout into a $100 billion annual business in the U.S.

“It’s like the internet in 1997 or 1998,” said Mr. Soqui. “Investment opportunities to create new businesses have never been more compelling.”

Entrepreneurs and investors are rushing headlong into the nascent legal marijuana industry, fueling a stock craze reminiscent of the late 1990s dot-com bubble and the recent bitcoin mania. Big companies, wealthy families and amateurs alike are taking stakes in speculative companies, many of which have scant revenue or history.

Source: Wall Street’s Marijuana Madness: ‘It’s Like the Internet in 1997’

The Amount of Older Americans Using Marijuana Is Getting, Um, Higher

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Boomers are experimenting with marijuana more than ever before. Here’s what it could mean.

Marijuana is apparently booming among, well, boomers. Specifically, marijuana use is becoming more prevalent among Americans over 50, according to a new study in the journal Drug and Alcohol Dependence.

The study analyzed survey responses from more than 17,000 adults over 50 and found that roughly 9% of American adults ages 50 to 64 used marijuana in the past year. Around 3% of adults over age 65 tried marijuana in that same period.

In practical terms, wider adoption of cannabis products among middle-aged and older adults certainly makes sense. In terms of medical use, marijuana is often cited as diminishing nausea and pain symptoms. And just this June, the Food and Drug Administration (FDA) approved the nation’s first-ever cannabis-based drug, Epidiolex.

Source: The Amount of Older Americans Using Marijuana Is Getting, Um, Higher

Marijuana Bill Scheduled For Congressional Vote This Week

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The U.S. House panel that oversees federal drug enforcement is scheduled to vote this week on a bill to dramatically expand opportunities for research on the medical benefits of marijuana.

The House Judiciary Committee is expected to approve legislation to license more growers of cannabis to be used in scientific research.

Source: Marijuana Bill Scheduled For Congressional Vote This Week

Americans support bill to shield legal cannabis states, legalizing marijuana

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Nearly three-quarters of American voters surveyed by Qunnipiac University say they would support legislation that shields states that have legalized medical or recreational from federal prosecution.

Source: Americans support bill to shield legal cannabis states, legalizing marijuana

Legal marijuana’s arrival in downtown Spokane prompts desire to re-evaluate laws

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Lucky Leaf opened on First Avenue last month, and a proposed store at the corner of Lincoln and Second Avenue seems primed for downtown Spokane’s second legal pot shop. The businesses say they hope to revitalize the western part of Spokane’s downtown, but neighbors worry about the consequences.

Source: Legal marijuana’s arrival in downtown Spokane prompts desire to re-evaluate laws