Milken Ties
The dinner Tuesday was timed around the Milken conference in Beverly Hills. That allowed for guest appearances from big names including Kevin O’Leary of TV’s “Shark Tank” and U.S. Representative Tim Ryan, an Ohio Democrat.
O’Leary was met with skepticism after suggesting that the industry should split medicinal and recreational companies and push for legalization of medical marijuana. Sovereign and institutional funds won’t invest unless its sanctioned federally, which is easier to achieve on the medicinal side, he said.
For companies focusing on recreational marijuana, “there isn’t a single dime ready to invest in that on the institutional or sovereign wealth side. Zero,” he said. “But there is hundreds of billions of dollars ready to go to work on the medicinal side.”
Ryan’s speech was greeted more favorably after he cited the potential for the legal marijuana industry to boost local economies. His district has been hit hard by the opioid epidemic and job losses. Ohio recently approved a medical cannabis program.
“We’re seeing a lot of opportunity in communities that haven’t seen opportunity for this kind of job creation in a long time,” the congressman said.
This article was provided by Bloomberg News.