As the legal cannabis sector ramps up, so is the number of cannabis moguls who are millionaires. Here's a look at some of the wealthiest names in the space — and how they got there.
10. Steve DeAngelo
Steve DeAngelo is the co-founder and President of ArcView Group, one of the largest players in the cannabis investment space. ArcView represents a network of over 600 accredited investors who collectively have invested around $200 million in 175 startups.
Prior to founding ArcView, Steve DeAngelo launched Harborside Health Center, one of the largest medical marijuana dispensaries in the U.S.
9. Troy Dayton
Troy Dayton is the CEO of ArcView Group and DeAngelo’s fellow co-founder In addition, Dayton is the co-founder of WECANNA, a crowdfunding platform for hemp and cannabis businesses. He is also a partner at Canopy Boulder, a seed-stage business accelerator program and venture fund focused on the cannabis industry.
8. Adam Bierman
Adam Bierman is the co-founder and CEO of Medmen Enterprises Inc MMNFF, which specializes in cannabis cultivation and operates dispensaries around the U.S.
According to filings with the Canadian System for Electronic Disclosure by Insiders, Bierman holds 3.96 million MedMen Class B shares, which are valued at roughly $23.6 million based on the stock’s listed price. In addition, Bierman has 9.66 million long-term incentive plan units.
7. Andrew Modlin
Andrew Modlin is Bierman's co-founder colleague at MedMen and serves as the company's chief operating officer. Modlin holds around 3.96 million Class B shares of the company and 9.66 million LTIP units, according to SEDI.He recently spent almost $4 million on a home in West Hollywood.
6. Terry Booth
In 2013, Terry Booth co-founded Aurora Cannabis Inc ACBFF with Steve Dobler, Dale Lesak and Chris Mayerson. Booth and Dobler both invested around $5 million of their own capital. The investment paid off, since Booth currently holds around 11.1 million shares of Aurora that are valued at $77.7 million. Booth is the company's CEO.
5. Steve Dobler
Aurora co-founder Dobler holds over 16.5 million shares of the company valued at $115.58 million. Dobler serves as the company's president.
4. Snoop Dogg
With a net worth of over $120 million, Snoop Dogg also earns a spot on our list of cannabis millionaires.
Snoop Dogg, or as he is legally known, Calvin Cordozar Broadus Jr., earned the majority of his fortune through his career as a rapper.
Nevertheless, Snoop Dogg has been a longtime marijuana advocate. In 2015, Snoop Dogg founded Casa Verde Capital, a cannabis-focused venture capital firm. Casa Verde Capital is invested in a number of companies, including the Merry Jane media platform, the Cannalysis testing laborator and point-of-sale solution provider Green Bits.
3. Bruce Linton
Canopy Growth Corp CGC is the largest marijuana grower in the world, and Bruce Linton is its co-founder and CEO. He founded the company in 2014 with Chuck Rifici, who left the company a year later. Considering that Linton holds around 2.5 million Canopy shares, his net worth is at least $127.6 million.
2. Cole Cacciavillani
Cole Cacciavillani is the co-founder of Aphria Inc APHQF, one of the first publicly listed cannabis growers. He serves as the company’s vice president of growing operations. Cacciavillani has roughly 7.1 million shares of Apria worth $113 million.
Canada-based Aphria generated revenue of more than $15 million last year and had a net income of more than $3 million. Earlier this year, Aphria announced acquisitions worth $200 million in South America. The acquisitions include two companies and a large stake in a marijuana producer.
1. John Cervini
John Cervini is the other co-founder of Aphria. Cervini has roughly 9 million shares of the company, most of which are held via Fulfill Holdings Inc. This gives Cervini a stake valued at almost $145 million.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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