Notorious Cincinnati dealmaker and investor James Gould has set his sights on investing in cannabis...again. Let's hope this time around is not another attempt to monopolize marijuana in Ohio!
Back in early 2015, James Gould made cannabis news as one of the co-founders of a pro-legalization group called ResponsibleOhio. Members of ResponsibleOhio included supporters as well as adversaries of Ohio's failed cannabis legalization ballot initiative, Issue 3.
According to Ballotpedia, "voting yes would have legalized the limited sale and use of marijuana and created 10 facilities with exclusive commercial rights to grow marijuana." Yes, you read that correctly. Passage of this ballot measure could have lead to a virtual monopoly on cannabis cultivation in Ohio. Issue 3 failed with over 63% of votes going against the monopolistic initiative.
Since Gould's efforts to legalize marijuana back in 2015, Ohio has successfully legalized medical marijuana. Ohio House Bill 523, effective on September 8, 2016, legalized medical marijuana in the state. The newly established Ohio Medical Marijuana Control Program will allow patients with specified medical conditions, upon the recommendation of an Ohio-licensed physician certified by the State Medical Board, to purchase and use medical marijuana.
Fast forward to now, and Gould still has his sights set on the green rush. According to a recent TV interview with Gould, he's targeting Wilmington, OH, "an area that's lost a lot of jobs over the last couple of years." Gould says that "while people have left...the future is bright." What does Gould want to do in Wilmington, OH? A cannabis cultivation campus of course.
Under Ohio's House Bill 523, home-grow operations are not allowed. Medical marijuana patients must obtain their cannabis from state-licensed dispensaries. State-licensed dispensaries must, of course, obtain their cannabis from state-licensed cultivators. Gould wants to build one of those state-licensed cultivators in Wilmington, OH and get his piece of the blossoming marijuana industry.
According to the aforementioned TV interview, Gould and his team at Green Light Acquisitions wants to build a "nearly 20 acre medical marijuana campus." Since Ohio is still within the two year rule-making process, this is the time to invest in Ohio's green rush. Gould plans to apply for one of "at least twenty-four" cultivation licenses within the state.
An Ohio cannabis cultivation license costs a lot of money! It costs $20,000 to apply for a license, and another $180,000 just to keep it. If Ohio's medical marijuana industry reaches its multi-billion dollar potential, that investment by Gould will just be a drop in the bucket. After all, he already sunk millions of dollars into the failed Issue 3 initiative.
Check out James Gould's interview in the video embedded below!