Inside the long wait for federal cannabis legalization - Jacksonville Business Journal

ntourage Effect Capital has $200 million invested in cannabis-related businesses and is looking to deploy more. Founded in 2014, the Dallas-based private equity firm’s approach has evolved with the industry, but the larger play remains simple.

While more states are embracing medical or recreational use, mature markets are in the doldrums after a pandemic boom. Price deflation is rampant. Small and midsize companies are struggling without standard banking services such as lines of credit and payroll management services. An onerous federal tax code forbids typical write-offs.

“Our whole drive is to survive, to see if we can get to a better place with the federal situation,” he added. “But the harsh reality is it’s not going to be as soon as we thought.”Next month will mark 10 years since Colorado and Washington voters approved ballot initiatives that legalized cannabis for recreational use.

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