Justin Hartfield of WeedMaps is about as ballsy as entrepreneurs get. I mean that as a compliment. Not only is he building an online business that facilitates and profits off of the recreational use of marijuana-- which let's remember is still illegal in the United States-- but he's essentially rushing his small company out into the public markets, via a reverse merger with the mostly-unknown LC Luxuries Limited, which will build a new business around all things cannabis. Between the anticipated closing of the deal, which will make WeedMaps essentially a publicly traded company on the Pink Sheets and California's vote on a proposition to legalize marijuana, the next month will be huge for Hartfield-- one way or another. Meanwhile revenues are soaring. WeedMaps was making $20,000 a month a year ago, made $300,000 in August and $400,000 in September-- all off of just 50,000 registered users. Obviously, the money-making potential is huge, but is there a greater moral issue here? Hartfield doesn't see one. Hartfield was the guest on NBC's Press:Here this week, where he discussed a unique dilemma in Silicon Valley: Having a $120 billion market to yourself in which no VCs want to invest. It's a reality that's driven him to this odd, back-door IPO.
Source: http://feedproxy.google.com/~r/Techcrunch/~3/XZ1u7P91BUA/
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