(Entrepreneur) The cannabis industry raised more than $1 billion in 2016, according to the latest report from a New York firm that tracks marijuana industry investments, mergers and acquisitions. The largest chunk of capital went into biotech and pharmaceutical-related enterprises, followed closely by cultivation and retail, according to the report from Veridian Capital Advisors.
The company tracked 304 capital raises in 2016 for a total of $1.09 billion. They include 239 public companies raising $836.1 million. Private capital raised by 65 companies totaled $255.8 million.
Companies in North America raised the bulk of the capital, including many in Canada, where medical marijuana is legal nationally and Prime Minister Justin Trudeau has made national legalization of recreational marijuana a goal of his administration.