5 Stars of the ABC Reality-TV series Shark Tank recently spoke with Entrepreneur about legalization and the cannabis industry. The consensus among the sharks is that cannabis should be legal, and that there are investment successes to be had. However, each shark expressed their own reasons for not investing in the nascent industry.
Cuban expressed ambivalence towards the product itself explaining that he "just didn't care," but he also had one of the more interesting reasons for not investing.
"When everybody’s rushing in it’s hard to keep track of what everybody’s doing because there’s a new startup every single day, " said Cuban. "I think the over saturation of the market creates a very difficult challenge."
Cuban also pointed to regulatory issues and problems dealing with banks for cannabis businesses as a reason for not investing.
Corcoran, a Redbook columnist and frequent guest on business issues at various media outlets, admitted to trying cannabis herself and expressed hope that one of the companies she has invested in, Daisy Cakes, would enter the legal edibles market.
Corcoran was also the most bullish on investing in cannabis.
"People know what the profits are going to be, so I think hitting it fast and early is the number-one prize, " she told Entrepreneur.
Corcoran also had some thoughts on what might lead to the normalization of cannabis.
"What’s going to destigmatize marijuana is having the old people die off. Anyone who’s under 30 believes in it."
Despite the number of high profile investors already operating in the legal cannabis industry, O'Leary says he fears the legal ramifications of investing himself.
"I’ve looked at four different deals, but my lawyers tell me I can’t because we need a better mandate. There’s a RICO statute in the way, " said O'Leary.
He did acknowledge the cannabis industry is going to be a lucrative opportunity for many investors.
"California will switch soon. Once that happens, I think the floodgates will open and I will be one of the first investors when it gets a federal mandate."
Businessman and Dancing With The Stars star Robert Herjavec has similar reservations to Cuban about getting into the cannabis industry now.
"In terms of a business trend, I think it’s already too late to invest. Like any trend, if we’re talking about it, it’s already happened. It’s the old Wayne Gretzky quote, ‘Don’t go where the puck is. Go where the puck’s about to be."
The investor sometimes known as "The Queen of QVC" has no problem with the legalization of cannabis, but says she doesn't think she'll invest because she already has too many investments. Which could be a way of admitting she's not that wealthy or might be another way of saying she's got too much money to keep track of it all.
"Everybody should be able to do it legally. Would I invest in it, though? I don’t know. I have so many investments as it is, I don’t need another one, " said Greiner to Entrepreneur.