Adolphus A. Busch V. has launched the appropriately titled, ABV Cannabis Co. in Colorado. The company’s first product line will be a disposable vape pen loaded with CO2-infused and greenhouse-grown cannabis oil. [Additionally, and this is a small amount of editorializing, we really enjoy the company’s blog, but please add some hiking trips in the San Juans, guys! -ed.]
The great-great-grandson of brewing titan, Adolphus Busch, Busch V. first saw the potential for the plant-touching industry while attending college in the Rocky Mountain State. After being turned down from an entry-level job at the company with his family’s name on the front door, Busch moved back to Colorado and worked for several cannabis companies, according to an article in The St Louis Post-Dispatch. “Once I saw all the incredible benefits that cannabis could bring to people and the immense opportunity presented by the cannabis industry, I knew I could take all I learned from my pioneering family heritage and create a new legacy for myself in the cannabis space,” Busch explained to the paper.
ABV Cannabis Co. Continues Financing Trend
Busch’s sole investor in the new endeavor was his father who, according to numerous sources, cut a check for $100,000 to get the company rolling. The move continues an intriguing and recent trend of wealthy individuals, whose families have made their fortunes in other industries, leading the charge for new cannabis businesses. Surterra, they of the Wrigley and Jimmy Buffett fame, and Green Thumb, backed by Ben Kovler and the Jim Beam fortune, are two other cannabis companies with famous wealths attached to them. And ABV Cannabis Co. isn’t even close to being the first canna-company to have backing by beer. As we’ve been over before, we expect this trend to continue until financing options from more traditional streams become an option. Until then, more and more companies and individuals of high net worth will be making their bets on cannabis companies.
Still, the move is a big news and it speaks to an ever-brighter future for cannabis in the US. Similar to Surterra’s big bet on Buffett bringing baby boomers by the boatful, ABV Cannabis Co. and its savvy founder seem to recognize the shifting attitudes and acceptance amongst consumers and investors alike towards cannabis.