Know who is serious about legalizing cannabis for adult use in California? Napster / Facebook co-founder, Sean Parker.
Know who else is serious about it? Poseidon Asset Management. That’s why we’ve both been featured in USA Today recently.
Parker is the single largest contributor to the ballot measure that has the strongest chance of going before voters in November. Importantly, the measure is also supported by the MPP and the Drug Policy Alliance.
Knowing how important this measure is to the state, the jobs and revenue it will create; to the patients in need of unfettered access to it; and to the inmates unjustly imprisoned because of current laws, Poseidon is also backing the measure.
"Cannabis is absolutely ingrained in the Silicon Valley culture,” said Emily Paxhia, a founding partner with Poseidon Asset Management, a hedge fund that invests in marijuana and hemp businesses. Poseidon is backing the legalization measure to which Parker has donated.”
As the article goes on to describe the enormity of the stakes of this ballot going to voters. The legal cannabis industry will be worth billions for California, both through taxes and licenses for cultivation, testing, and distribution, and for the jobs it will create.
As in other states that have already legalized adult use, this measure would prohibit public consumption of cannabis, require quality and safety testing, and would work hard to keep marijuana out of the hands of youth.