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Commodities - OCTOBER 13, 2016

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Growing cannabis industry

by Jody Barhanovich

Cannabis isn’t just growing in the literal sense of the word; it is growing as an industry as well. Cannabis industry research firms predict that if Proposition 64 becomes a law on Election Day, California’s marijuana industry will grow to nearly $6.5 billion by 2020. That has Silicon Valley venture capitalists pouring into cannabis startups. Nationally, the cannabis industry is expected to grow into a $40 billion business by 2020.

American Growth Fund has already launched the first cannabis-focused mutual fund. With more states passing or considering legislation that allows medicalor recreational marijuana use, the firm has decided to revise a mutual fund it launched in 2011 to invest at least 80 percent of its assets in cannabis-related business activities.

Dubbed the California Adult Use of Marijuana Act, the ballot proposition, if approved by voters, is expected to generate new sales tax revenue estimated at $1 billion per year, which will be used to pay for

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