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America's Next Magnates: The 'Pot Barons'

Marijuana sellers may be the next Mark Zuckerbergs

By Neal Colgrass,  Newser Staff

Posted Oct 21, 2012 3:22 PM CDT

(Newser) – Pot sellers are goofy free spirits suited to the tie-dye culture of Venice Beach, right? Not 30 years from now, when they'll be "fatter, balder, and famously rich" tycoons in the vein of Steve Ballmer or Andrew Carnegie, writes Tony Dokoupil at the Daily Beast. He visited marijuana businesses in Denver—where the state regulates a for-profit pot market—and hung out with clean-cut, BlackBerry-loving entrepreneurs who hire lobbyists, woo state senators, and occasionally fear that the federal government will shut them down.

"This is our Facebook,” says Norton Arbelaez, who owns a commercial grow and two dispensaries. "This is the same kind of environment, the same kind of setting, and the same kind of people." He even crafted a bill with other marijuana makers that bans felons from the business and forces new entrants to pay up to six figures. Still, what they do is illegal under federal law—so health coverage, credit-card transactions, and IRS deductions remain impossible. "Not a whole lot of money is being made," admits Arbelaez. "We’ve all had sleepless nights," adds his partner, Jon Salfeld. "We’ve all had scares."

In an April 20, 2005 file photo, a University of Colorado freshman joins a crowd smoking marijuana during a 420 gathering at Farrand Field at the University of Colorado in Boulder, Colo.
In an April 20, 2005 file photo, a University of Colorado freshman joins a crowd smoking marijuana during a "420" gathering at Farrand Field at the University of Colorado in Boulder, Colo.   (AP Photo/Longmont Daily Times-Call, Richard M. Hackett, File)
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COMMENTS
Showing 3 of 32 comments
ppacimr9ball
Oct 23, 2012 11:49 AM CDT
The answer is simple, go to the libertarian party web page and read how they feel about marijuana, then simply vote that way - Gary Johnson 2012
DougMasters
Oct 22, 2012 6:35 AM CDT
"forces new entrants to pay up to six figures" This is the problem with industries in this country. This concept is so anti-free market. Bottom line if you want to get into an industry you should only have to pay for the space, the supply and the same damn permits anyone else pays.
finkster
Oct 21, 2012 3:48 PM CDT
Someday they'll have a profile of me as one of the men who built America like they do now on the History Channel How ruthless I was controlling the Marijuana market in the Emerald Triangle in California How I set my sight on the rest of the country and just like the Vanderbilts and Rockefellers  Eventually controlling 90% of the market You've heard it hear folks, on Newser....:-)
 

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