By Duke London

 

The banking industry has made their stance on marijuana quite clear. For the most part, federally-insured banks refuse to do business with anyone involved at any level in the cultivation, processing, or distribution of marijuana, even when in a legalized state. The banking industry operates this way despite the immense risk it places on individual marijuana industry workers and businesses. However, this doesn’t mean that the brightest minds in banking don’t see the potential windfall that marijuana represents.

Former Barclay’s banker Roger Jenkins sees what weed could be, and is backing up his confidence in cannabis with cold hard cash.

Jenkins left Barclay’s back in 2009, after helping the British financial giant avoid state-issued handouts in 2008, something many other banks across the globe couldn’t avoid, by securing almost $16 billion in Middle Eastern investments*. Talk about leaving on a high note.

Jenkins, who now resides in California, has traded in his traditional banker tendencies for a more progressive approach. He is among a group of investors that recently acquired a piece of California land for the purpose of opening a marijuana-related business. The rest of the group has asked to remain anonymous, though their motives seem clear. California is gearing up for what should be a monumental vote in November, as Prop 64 aims to legalize the adult recreational use of cannabis. It seems the group is trying to get a head start on the green rush by snatching up valuable (and potentially very profitable) land now.

There is no word from Jenkins’ investment group as to what they plan to do with the plot of land, but we’re guessing an announcement will be made sometime after the vote in November.

Jenkins isn’t the only heavy hitter in the investment world looking for a very literal cash crop. Founders Fund, a venture capital firm started by a team that includes Paypal co-founder Peter Thiel, infused an undisclosed amount of cash into Privateer Holdings, the Seattle parent company of Leafly, Tilray, and Marley Natural. All three companies deal directly in the cannabis industry.

*It should be noted that Richard Jenkins, along with Barclay’s, is under investigation by the United Kingdom’s Serious Fraud Office for the fees they paid on the investments. The SFO’s inquiry began all the way back in 2012 and according to the investigation team, will be complete by the end of 2016. Jenkins is currently awaiting his second interview with investigators.