Herman is an attorney that works out of his office in Grand Rapids, MI, helping defend clients who were charged with a wide range of crimes, including possession or selling of marijuana. In Michigan, marijuana is illegal, including the medicinal use of the drug. After spending so many years seeing the type of money that can be made in this business, he has decided to become involved, now that it is legal in Colorado.
Herman told reporters that he wants in on the business he has seen criminals making money off of. He is currently working closely with licensed growers in Colorado to create a new production facility that is entirely legal and approved by Colorado state regulators. He wants to be one of only a handful of producers that are providing marijuana products to retailers throughout the state.
He also mentioned that he thinks Colorado is going to limit the wholesale production of marijuana to just 5-6 producers. His new business, which is tentatively named Cannabis Solutions, Inc., is hopefully going to be one of the approved businesses. Herman is currently working on raising enough capital to operate a growing facility in Colorado, which will span about 22,000 square feet. He needs between $1.5 million and $4 to get it up and running.
As of now, he is already getting funding from athletes from the NBA and NHL, and some rap musicians, though he has not released their names to the press. Herman’s main goal is not to only grow the marijuana, but have better innovation in the growing process, and do it with less costs than other wholesale production companies have done so far. He wants to limit the number of investors to around 100, though he will consider an IPO is the money is not earned with this limited number of people. There are already big investors at $25,000 to $300,000 each, while family members have become small investors of the company.
The first stage of Herman’s plan is to earn enough capital for purchasing the equipment needed to grow marijuana. The reason he is starting there, is because if it does not work out how he hoped, he can still sell the equipment and return the money to the investors. Herman knows his way around the laws, as Michigan once had its Medical Marijuana act that was created by advocated, but not lawmakers. He knows the confusion that can arise from legalization of marijuana, even as the law is currently in Colorado.
A website is set up for Herman to provide information for a board of directors for his new company. Investors can access private information after being given a password to view the business plan and learn more about the business.
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