Legal marijuana is a $5 billion business in the U.S., and Steve Janjic figured he’d get a piece of it. With a commodity exchange. For a product that can’t be transported across state lines.
Not to worry. “It’s never easy to pioneer an industry,” says Janjic, a former foreign-exchange executive at Tullett Prebon LLC who has put $1 million into Amercanex Corp., an electronic cannabis-trading platform that handles sales of about 100 to 150 pounds of weed a week.
That’s not exactly blockbuster in a country with an estimated 20 million marijuana consumers. It may not be too bad, though, in the case of a young exchange for a psychoactive substance transitioning to legitimate, or sort of legitimate, considering it’s illegal under federal law. Janjic and other Wall Street veterans backing Amercanex take the very long view.
While only four states and the District of Columbia have sanctioned pot for recreational use, Nevada may join them after a November vote. In 23 states, the drug is allowed for medicinal purposes. Polls show a majority of Americans believe it should be as licit as beer, giving Amercanex high hopes. [Read more at Bloomberg News]