In an Entrepreneur Magazine interview featuring five investors from the show Shark Tank, Barbara Corcoran and Kevin O’Leary expressed interest in the booming marijuana industry. While the other three “sharks” don’t share quite the same sentiment, it’s a breakthrough moment for the show. Here are five things to know about it.
1. SHARK TANK “SHARK” SEE PROFIT IN MARIJUANA
According to Corcoran, she sees the pot industry as a big business that’s worth investing in. She even called upon her friends Daisy Cakes to ask about making pot cakes. However, Daisy Cakes gave the typical response. They think pot will ruin their brand but Corcoran and the other sharks see massive profit potential in the pot. It will just take a while to catch on.
2. SHARK TANK SAYS OLD PEOPLE HATE MARIJUANA
While pot is growing in popularity, there is still some stigma surrounding it. According to Corcoran, we need to blame the old people. She says the thing that will catapult pot into big business is having the old people die off. Furthermore, anyone under the age of 30 gets it and will help the cause.
3. SHARK TANK SHARK IS SCARED OF MARIJUANA
While Kevin O’Learyy really wants to invest in pot, he’s afraid. At the moment, it’s not a federal law. While it’s legal in Colorado, it’s not in many others states’ O’Leary doesn’t want the risk of getting arrested in Florida for something he invested in Colorado. Hence, he’s holding off for now.
4. SHARK TANK SAYS MARIJUANA INDUSTRY IS BOOMING
O’Leary says the pot situation right now is similar to the end of prohibition. Right now, Colorado is making three times as much as they thought they would off the pot. The industry is booming and pot is a huge cash crop. Once California switches to full legalization, the floodgates will poor open and business will boom.
5. SHARK TANK SAYS SNOOP DOG IS BAD FOR MARIJUANA INDUSTRY
When asked if he will invest in the pot industry, Mark Cuban says no. He thinks it’s a gold rush right now and not all that stable. Joking, he added that if Snoop Dogg is in the business, then it’s bad news for everyone.