Budweiser heir Adolphus Busch V has turned to pushing marijuana instead of selling beer because, as he told The New York Post on Thursday “cannabis is the future.”
The great-great-grandson of Adolphus Busch, founder of Budweiser, announced his plans to launch a Colorado startup that will focus on selling marijuana vaping pens.
The decision to launch ABV Cannabis was built on the 27-year-old's failure to gain an entry-level position at Anheuser-Busch after his 2013 graduation due to a “conflict of interest.”
With the U.S. cannabis industry booming, Busch decided to capitalize on that.
“I could take all I learned from my pioneering family heritage and create a new legacy for myself in the cannabis space,” he told the Post.
John Kaden, chief investment officer of weed-focused hedge fund Navy Capital, told the newspaper that this kind of business venture was “not a coincidence.”
According to Forbes, the U.S. reigns in the legal cannabis market across the globe.
Last year, the worldwide legal marijuana trade grew by 37 percent and was worth $9.5 billion. Of that, the U.S. accounted for 90 percent with $8.5 billion.
Recreational marijuana use is permitted in nine states and the District of Columbia, while medical use is allowed in 30 states, CNN Money reported.
More states will soon join the movement, spurring the industry on.
Currently, sales are on par with to the entire snack bar industry, CNN reported, and are equal the annual revenue from Pampers diapers.
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