efs: People keep leaving financial services for the legalized cannabis industry

Our CEO Neil Demers was featured in a profile on eFinancialServices. Here’s an excerpt:

Neil Demers, a former client services executive at OppenheimerFunds, quit his job after the increase in national support for legalizing cannabis caught his attention. He started Mr. Stinky’s, a dispensary that had a skunk for a mascot. Demers decided to target the high end of the market, and so in February, he cut the ribbon on Diego Pellicer Colorado, the Denver outpost of the Seattle-based franchise. He put in $600k of his own money and raised more than $3m in equity and debt to outfit his dispensary with oak cabinets, Doric columns and other luxury decor.

“Real estate values are increasing [in states that have legalized cannabis], more professionals are starting to enter the sector and the states and local municipalities are starting to benefit from tax revenues,” he says. “We have passed the tipping point and cannabis will eventually become fully legal.”

H/T: EFS

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