Imagine if Jeff Bezos had been forced to shove Amazon's profits in shoeboxes or under his mattress. Think Amazon.com would be worth nearly $1,750 a share today? Of course not.
If that sounds ridiculous, it isn't. Cannabis firms face this problem, even in states where weed is completely legal.
Yes, the cannabis business has a banking problem.
Thanks to its illegality at the federal level, most banks simply won't deal with companies that "touch the plant" – even if marijuana is fully legal in their state.
But something truly extraordinary, even unprecedented, could be about to unfold in – you guessed it – California.
You see, if California Sen. Robert Hertzberg and the supporters of his 2018 bill get their way, the Golden State will create its own special banks to handle the business of cannabis firms.
This is a huge development, and if it passes, it could mean entirely new ways to invest in the high-profit weed sector.
Let me explain…
About the Author
Michael A. Robinson is a 35-year Silicon Valley veteran and one of the top technology financial analysts working today. He regularly delivers winning trade recommendations to the Members of his monthly tech investing newsletter, Nova-X Report, and small-cap tech service, Radical Technology Profits. In the past two years alone, his subscribers have seen over 100 double- and triple-digit gains from his recommendations.
As a consultant, senior adviser, and board member for Silicon Valley venture capital firms, Michael enjoys privileged access to pioneering CEOs and high-profile industry insiders. In fact, he was one of five people involved in early meetings for the $160 billion "cloud" computing phenomenon. And he was there as Lee Iacocca and Roger Smith, the CEOs of Chrysler and GM, led the robotics revolution that saved the U.S. automotive industry.
In addition to being a regular guest and panelist on CNBC and Fox Business Network, Michael is also a Pulitzer Prize-nominated writer and reporter. His first book, "Overdrawn: The Bailout of American Savings" warned people about the coming financial collapse - years before "bailout" became a household word.
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