Top Ten Marijuana Millionaires – Look Who Made it Rich in the Weed Business

DBabbage | February 17, 2019 | 0 | More of the Richest People , Richest Businessman

The end of the United States prohibition on cannabis is close at hand.

Over half of the states in the union have already adopted some form of legalization for medical or recreational marijuana. It will soon be an industry like any other, with small margins and moderate returns.

But those who got in on the ground floor of the movement are way ahead of the game. Meet the top 10 people who ventured into an unregulated market and became marijuana millionaires.  

Top 10 Marijuana Millionaires

It is getting more difficult to make a killing in the United States cannabis industry.

From Colorado’s recreational marijuana legalization in January of 2015 to April of 2018, the market rate for a pound of cannabis decreased by half. As legalization expands across the country competition drives down the market price of cannabis.

Today, to become a marijuana millionaire is almost as difficult as becoming a millionaire from brewing beer.

You have to be a big producer and drive out the competition to make a killing. But, just a few years ago, some smart individuals found themselves with a corner on a newly emerging multi-billion dollar cannabis market.

Some fortunes come from dispensary sales, while others come from stock value. Some make they’re living in cannabis stocks, whereas others focus on hemp industry jobs. Here’s who made it big on bud, and how they did it:

1. Cole Cacciavillani | Co-founder of Aphria Inc.

In 2014, Cole Cacciavillani co-founded Aphria–one of the first publically traded cannabis companies in Canada. Cacciavallani holds more than $113 million from his 7.1 million shares of Aphria Inc.

Initially, Aphria was placed onto the Toronto Venture Exchange, before moving into the Toronto Stock Exchange in March 2017. The next month, Aphria announced an expansion into the United States. And, last year Aphria acquired a South American growing company for $200 million.

Cacciavillanis net worth is predicted to rise over the next few years, as the company is expanding from Toronto into the Leamington area of Ontario. Aphrias Toronto cultivation greenhouse has over 300,000 square feet of growing area and produces 90 percent of the companies cannabis product.

2. John Cervini | Co-founder of Aphria Inc.

John Cervini is the other co-founder of Aphria Inc., along with Cole Cacciavallani. Cervini holds 9 million shares of the company, accounting for a value of $145 million.

The 48-year-old left his families greenhouse in 2014. His aim was to sell a more profitable product than the peppers and tomatoes of his family greenhouse. It is safe to assume that he chose wisely with cannabis.

3. Bruce Linton | Co-founder and CEO of Canopy Growth Corp.

Bruce Linton is the co-founder and CEO of the largest cannabis cultivation company on the planet–Canopy Growth Corp. It was founded in 2014 by Bruce and, another co-founder, Chuck Rifici. When Chuck left the company in 2015 Bruce got 2.5 million shares in the company.

Today, at age 52, Bruce Linton’s net worth is around $128 million. The company operates out of the former Hershey’s factory in Smith Falls, Ontario and is unchallenged as the largest grow facility in the world.

4. Terry Booth | CEO of Aurora Cannabis Inc.

In high school, Terry used to sell weed to his friends. Today, he is the CEO of one of the most profitable cannabis companies in the world. In 2018, Aurora Cannabis conducted a takeover of CanniMed Therapeutics for $1.23 billion.

Terry Booth retains a stake value above $123 million, which isn’t bad for someone who used to sling quarter-ounces for $25. At the age of 54, Booth is among the most profitable marijuana millionaires alive.

5. Andrew Modlin | Co-founder and Chief Operating Officer of MedMen Enterprises Inc.

MedMen is a cannabis company founded back in 2010. It currently owns and operates 19 legal cannabis facilities in California, New York, Florida, and Nevada. The facilities span cultivation, product manufacturing, and retail dispensaries.

MedMen co-founder, Andrew Modlin has made millions in the cannabis industry. He holds almost 4 million Class B shares with a value of $23.6 million, and 9.66 million long-term incentive plan unit (LTIP) shares.

The company pays him 1.5 million in annual salery–which is more than twice what Warren Buffet and Elon Musk get in combined salary. Modlin is living the high life and recently bought a $4 million mansion in Hollywood.

6. Adam Bierman | Co-founder and CEO of MedMen Enterprises Inc.

Adam Bierman is the other co-founder of MedMen Enterprises Inc. He serves as CEO of the company, overseeing it’s cultivation facilities and retail dispensaries across the United States.

According to May 2018 interview that Birdman gave the LA Times, MedMen has a net worth valuation of $1.6 billion.

Bierman has almost 4 million Class B shares in MedMen and 9.66 LTIP. His Class B shares, alone, hold a value of over $23.5 million.

7. Steve DeAngelo | Co-founder and President of ArcView Group | Owner of Harborside Health Center

Steve DeAngelo is the Co-founder and President of ArcView Group. ArcView Group is one of the largest cannabis investment firms in the industry, with over 600 investors contributing over $200 million.

DeAngelo co-founded ArcView in 2010 after building bones with one of the most well-known medical dispensaries in California. As of 2016, DeAngelo reported medical sales accounting for over $35 million from the dispensary, Harborside Health Center.

Since then California has gone fully recreational and both of DeAngelos companies continue to increase in value.

8. Troy Dayton | Co-founder and CEO of ArcView Group | Co-founder of WECANNA | Partner at Canopy Boulder

Along with DeAngelo, Troy Danton is the co-founder and CEO of ArcView Group. He is the co-founder of the hemp and cannabis crowdfunding platform, WECANNA. And, he is a partner at Canopy Boulder, a venture fund for start-ups in the cannabis industry.

9. Brendan Kennedy, Christian Groh, and Michael Blue | Founders of Privateer Holdings Inc. | Investors in Tilray Inc.

Kennedy, Groh, and Blue are the founded Privateer Holdings Inc. out of Seattle in 2010. Brendan Kennedy and Michael Blue met in their MBA studies at Yale School of Management. Brendan Kennedy later met Christian Groh working at the Silicon Valley Bank affiliate, SVB Analytics.

Soon after its founding, the firm heavily invests in a Canadian cannabis firm, Tilray Inc. Today, their firm holds a stake in Tilray Inc. with a value of $7.2 billion. That means that Brendan, Christian, and Michael are worth around $2.4 billion, individually.

10. Michael Gorenstein | President and CEO of Cronos Group Inc.

In addition to holding the position of Partner at Googles’ parent company, Alphabet LLC from 2015 to 2017, Michael Gorenstein is the President and CEO of Cronos Group Inc.

The company is publically traded and works to build successful cannabis companies through investment and business cultivation. Gorensteins’ personal value from his stake in Cronos Group is $21.8 million.

He serves as Chairman and Director of Cronos Group, since moving up from Vice Chairman in November 2015. At age 31, his accumulative compensation from Cronos Group Inc. equals $2,911,682.

Final Thoughts

The lesson in these ten marijuana millionaires is knowing where to invest. But, their millions don’t purely come from investment returns. They are the product of being in the right place, at the right time, with the right passions.

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