DENVER: Fund to Buy Pot Plants
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In what may be the first-ever real estate investment group targeting marijuana growers, Colorado-based Advanced Cannabis Solutions has filed to raise $5M in debt with the SEC. Company CFO Christopher Taylor (a local accountant) will use the funds to buy commercial real estate for marijuana operators. Christopher tells us ever since the landmark law was passed that legalized medical marijuana in Colorado, those commercial operators have had a tough time finding space. (Suddenly pot is easy to find and retail space is hidden.) Operators can't get mortgages like normal businesses and many landlords still scoff at doing business with them. With his company on the buy side, he will lease properties in areas that allow for the zoning back to those operators. And it doesn't hurt that Chris already has an "in" with a lot of marijuana growers, given he's done accounting work for many of them.