Native Americans Add Cannabis To Their Economies

One year after U.S. legislation made the growth and sale of marijuana legal on Native American land, some tribes are looking to take advantage of the fast growing industry.

FoxBerry Farms, the company responsible for the first ever marijuana facility on tribal land, has seen an influx of requests for marijuana production projects throughout the U.S. as more and more tribes decide to incorporate the drug into their economy. 

Pinoleville Leads The Pack

Pinoleville Pomo Nation in California will be the first of many tribes to erect marijuana greenhouses on their land in an effort to cash in on the drug’s growing popularity.

The economic benefit that marijuana sales could have on Native American tribes has been a driving force behind several tribes’ decisions to produce and sell cannabis, much like the introduction of tax-free cigarettes and casinos in past years.

Concerns Keep Some Tribes From Joining The Cannabis Crowd

However some tribes are worried about the social impact that marijuana production would have on their populations. Many Native American communities already struggle with alcohol abuse problems; something that suggests that the introduction of marijuana sales could prove detrimental.

Others worry about conflicting state and federal legislation, saying that with marijuana still considered a criminal offense by the federal government, there is a dangerous likelihood of legal problems down the road.

Related Link: Marijuana Finds Popularity Among An Unlikely Group

FoxBerry Rides The Wave

Despite that, FoxBerry CEO Barry Brautman claims that more than 100 tribes have already enquired about setting up marijuana facilities. The Pinoleville project has brought a lot of attention to the matter, with the tribe’s new 2.5 acre-facility expected to generate between 50 and 100 new jobs.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsTop StoriesMarketsFoxBerry FarmsmarijuanaPinoleville Pomo Nation
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!