Millionaire investor Kevin O鈥橪eary says he sees 鈥渟pectacular returns鈥� from the legalization of marijuana, but won鈥檛 invest because his lawyers have advised him not to do so.
he鈥檚 been researching legal marijuana industry for three years, and recently considered partnering with a hydroponics facility in Vermont but 鈥渏ust can鈥檛 take the risk.鈥�
鈥淢y attorneys in the U.S. have told me, should I travel to a state like Texas, or Florida, or anywhere where it鈥檚 illegal, as a shareholder of an operation that鈥檚 distributing (marijuana) over state lines 鈥� I could go to jail for 30 years,鈥�
O鈥橪eary added that he believes the drug should be legalized and 鈥渢axed heavily, because I think we鈥檙e spending a tremendous amount of money 鈥� imprisoning people for a drug I think eventually is going to be legalized.鈥�
In the past, O鈥橪eary has expressed concerns that 鈥渂ig tobacco鈥� will put a lot of smaller marijuana outfits out of business. 鈥淭hey have the distribution. They have the grow capacity,鈥� he told BNN last year.
Although he agrees with Justin Trudeau鈥檚 plans to legalize marijuana, O鈥橪eary said last week that he has 鈥済rave concerns鈥� about the Liberal leader鈥檚 plan to raise taxes on those earning $200,000 or more, and that investors are anxious see how Trudeau鈥檚 energy policies will affect the industry.
