Money, Medical Marijuana, And My Friend - Los Angeles News | FOX 11 LA KTTV

From Anchor Christine Devine

Money, Medical Marijuana, And My Friend

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"Are you a drug dealer???" I posed that question, somewhat sarcastically, to a bestie from high school now in the pot biz.  Forbes Magazine writes "the legit" business world is now very much in the medical marijuana industry, and my friend just may be an example.

I took note as he was my second businessman friend making a cannibis career change. Todd Davis allowed me to tell his story. He is the CEO of M3Hub, a division of Endexx Corp., a company publicly traded on the stock exchange. While he says "he never touches the drug" he is working to bring those who do into government compliance. "From seed to sale." That's his motto. To my surprise, the former biotech exec has been working on this since 2002. He states "medical marijuana is here to stay" and he wants to help people "do it the right way."

As we sat down for lunch I peppered my Arizona high school buddy with questions. He was in L.A. for business and called me last minute for lunch. We are in touch with the annual Christmas card but I wasn't aware of his corporate endeavor. Todd has a history in bio-tech and HIV drugs and was in business in Chicago before that. He says when first approached by an investor he had no interest in working in medical marijuana.

For background, Todd and I know a storied past and have a painful bond when it comes to marijuana and illegal drugs. While he and I were both student leaders in high school, both of our brothers used drugs and ended up in prison. My brother died of a cocaine overdose. He started with marijuana. We'd felt a heartbreak and kinship regarding our baby brothers. While I've never tried marijuana Todd admits he's smoked it, but doesn't consider himself a user. He does believe marijuana should be regulated much like tobacco or alcohol.

My curiosity was first piqued when I learned last year of another friend who quit his corporate sales career to build a business tied to marijuana. Both he and Todd are successful, married men with children. Todd was Student Body President, captain of the football team, and Homecoming King. I listened intently as Todd described his take on medical marijuana and a major shift in the corporate world. He's convinced there's an economic sea change. A bold statement, he even likens the shift in mind and money to that witnessed with such worldwide game changers as the internet and biotech. Unconvinced? Still curious? Read an article I came across on the "first pot stock billionaire.  

ARTICLES:

  • Here's an article on one component of Todd's concept. Todd took issue with the portrayal that his product is a "stoner's fantasy" but you get the idea. There are companies building the business tools of this growing trade.

Huffington Post: Marijuana Vending Machines

  • Forbes Magazine and one of its many articles

Big Marijuana: Is It The Future

  • An article reports the State of Colorado, which legalized recreational marijuana, took in two-million in taxes in January alone.

NPR: Colorado Collected $2.1 Million In January Taxes

  • Bringing this back home, there is this from the Los Angeles Daily News: "Even as the city of Los Angeles launched a new effort to close pot shops, it is benefiting by $8.6 million in business taxes collected from the medical marijuana dispensaries over the past three years."

The Daily News: $8.6 million in taxes to Los Angeles coffers

  • And then there's this. A warning to watch out for fraud. For with boom, there can be bust and we all know the concept of buyer beware.

Medical Marijuana Spawning Pump-and-Dump Scams

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