But Despite These Antics The Industry Has Been Too Attractive To Resist For Some Investors.

Suddenly everyone wants a slice of an industry that is already worth billions. The reaction to Shoenmakers’ appointment is thanks to the Australian/Dutch dual national’s legendary cannabis breeding reputation – fans lauded him as “The King of Cannabis” and the United States try to extradite him from Australia in the early 1990s. Arrested in Perth, he posted bail and then disappeared . The founder of Australia’s first listed medical cannabis company, Ross Smith, is only a few shades less colourful. He floated Phytotech (now MMJ Phytotech) on the ASX in January 2015 to a roaring response – climbing from 20?? on issue to 92?? on their second day – only to resign marijuana as executive director two weeks later over a threatening social media rant. Smith said his Facebook account had been hacked. But despite these antics the industry has been too attractive to resist for some investors. To give a sense of scale consider that medical marijuana sales hit $US4.9 billion ($6.5 billion) in the United States last year and will reach $US7.3 billion in 2020, according to research by marijuana investment group Archview.

To read more visit http://www.thecourier.com.au/story/4636580/how-high-is-too-high-for-australias-cannabis-stocks/?cs=9

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