News has been flying around surrounding the overwhelmingly large contributions that billionaire casino king Sheldon Adelson has been making to fight the legalization of marijuana.
So far this election cycle, Adelson has contributed a total of over $4.5 million to fight the legalization of marijuana in Arizona, Nevada, Massachusetts, and Florida.
Who is Sheldon Adelson and why does he hate the idea of legalizing marijuana so much even on a medical level?
Who is Adelson?:
According to Adelson's Forbes profile, he's got a current net worth of $31.7 billion, making him the 14th richest man in the U.S. 2016, working his way up from 15th in 2015.
A drop out from the City College of New York, Adelson is a self-made casino titan. When he's not busy as Chairman and CEO of Las Vegas Sands Corp. (NYSE:LVS), he's making large political contributions to buy what he believes to be the right future for America. This election cycle, marijuana seems to be in his cross-hairs, and he's cutting big checks to fight legalization in a handful of states.
Anti-Marijuana Contributions By State:
According to Ray Stern's article in The Phoenix New Times, Adelson's most recent donation was last week's half a million dollars donated to fight Proposition 205 to legalize and regulate marijuana in Arizona. Adelson's anti-marijuana contributions by state this election cycle are:
Arizona: $500,000
Florida: $1,000,000
Massachusetts: $1,000,000
Nevada: $2,000,000
Why Does Adelson Hate Weed?:
It is uncertain what Adelson's exact motives are. It could be that marijuana is so much more rewarding than gambling. If it were to be legal all across the United States, maybe Adelson is worried that people would be too stoned to fly to Las Vegas and gamble away savings. Comment below the article to let us know what you think!
Barbara Corcoran Said It Best:
Entrepreneur editor, Kim Lachance Shandrow's recent article covering the Shart Tank stars' views on marijuana, Barbara Corcoran made a point that is fitting to share with 83 year old Adelson. "What’s going to destigmatize marijuana is having the old people die off. Anyone who’s under 30 believes in it.”
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