Equity Crowdfunding for Cannabis in Colorado
Could equity crowdfunding for cannabis take off in Colorado? On July 16, 2015, Colorado’s Division of Securities sent a cease and desist letter to a man who posted ads on Craigslist looking for “high net worth investors to strategically partner with one of the largest MMJ chains in Colorado.” So, no, not for that guy.
But Colorado recently enacted the Colorado Crowdfunding Act which, when operational, may allow individual investors of modest means to get in on the green rush. A number of other states where marijuana is legal for at least some purposes, includingWashington and Maine, have enacted similar statutes. The potential teases the imagination. The devil is in the details.
A Bit of Crowdfunding Background
Many people are familiar with donative and rewards-based crowdfunding. Equity crowdfunding is fundamentally different. When startups seek to raise money from investors who receive shares in the company in exchange,...
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