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View Diary: Marijuana company's stock gets too high after election, management says investors should chill out (36 comments)

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  •  Tough sector to invest in - legally (8+ / 0-)

    When I moved to Colorado in 2009 I did so with a marijuana business idea which would have required about $100,000 investment, which I would have done with a private stock offering to my friends scattered across the country.

    But my plan hit a roadblock, since I couldn't get a definitive answer regarding the legality of doing this.  Of concern was the Interstate nature of this financial transaction. What was legal in Colorado was not legal in the other states, much less on a federal level.  This opens the door to racketeering and organized crime charges.  Since then, the Colorado state legislature has explicitly forbidden out of state investment in the medical marijuana industry, negating my concerns.

    You'll notice that all of the stock opportunities are for marijuana-related businesses.  Vending machines, websites, etc.

    I wrote to Rep. Diana DeGette in December 2009, and this is part of her reply:

    During this session of Congress, two bills were introduced that address marijuana use for medical purposes. The Medical Marijuana Patient Protection Act (H.R. 2835), introduced by Representative Barney Frank (D-MA), would ensure that the neither the Controlled Substances Act nor the Federal Food, Drug, and Cosmetic Act would prohibit the prescription or use of medical marijuana as permitted under state law.  This bill has been referred to the House Committee on Energy and Commerce, of which I am Vice-Chair.  The Truth in Trials Act (H.R. 3939), introduced by Representative Sam Farr (D-CA), would give defendants in medical marijuana cases the right to use state marijuana laws as an affirmative defense at their trials.  This bill has been referred to the House Committee on the Judiciary.  Please be assured that I will continue to follow these two important bills and that I will keep your views in mind.

    The Virtue of Selfishness is not a driving manual

    by bondibox on Tue Nov 20, 2012 at 08:09:51 PM PST

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