Legalized pot turning into business opportunities

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by ALLEN SCHAUFFLER / KING 5 News

KING5.com

Posted on January 28, 2013 at 11:39 PM

Updated Monday, Jan 28 at 11:39 PM

SEATTLE --  Investors, politicians, lobbyists and business people with ideas for making money off the legalization of marijuana met in Seattle Monday night.

At a National Cannabis Industry Association meeting, the city attorney, mayor and government leaders met with some of the captains of this emerging industry.

Seattle Mayor Mike McGinn said, "This is a trade organization asking an elected official about the lay of the land and how it affects their industry."

Chris Walker works for a Swedish company that makes lighting systems for indoor farming.

"We have a patented technology that allows us to read the information coming off the plants via a camera and sensor."

Walker is looking for more than a million dollars to launch the U.S. operation and is smiling at the prospect.

"A lot of new money coming in.  A lot of exciting new products coming in.  We're legitimizing an industry that's been in the dark."

Troy Dayton and his investor group listed to six minute pitches by "pot-trepreneurs" all day long on Monday.  

Investors are ready to ride the rocket if marijuana business takes off.

Dayton said, "1.7 billion growing to 8.9 billion by 2016.  That's some amazing growth."

However, Dayton warns potential investors this is not necessarily a "get rich quick" industry because of the legal and regulatory challenges still ahead.

 

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