Jim Beam heir has plans for cannabis empire
Prohibition 2.0
LIFESTYLE Marijuana
As cannabis consumption seems to be continuing its path towards national legalization, Ben Kovler, an heir to the liquor company Jim Beam, is planning to build a marijuana empire.
In what he is calling "Prohibition 2.0," Kovler is working to take his company Green Thumb Industries (GTI) public in Canada. As a cultivator, processor, and dispensary owner, Kovler's company is already operating in six US states and has products in more than 100 stores. GTI reported that its revenue topped $20 million last year and should exceed $70 million this year, according to Bloomberg.
Kovler's great-grandfather was Harry Blum, one of the primary investors in the prominent liquor producer, Jim Beam. In 1941 Blum made history by buying the company outright for $1 million. Now Kovler, the liquor company heir, sees a new frontier for the family in cannabis.
As recreational marijuana sales are predicted to grow to $24 billion by 2025, Kovler intends to take Green Thumb Industries into the new age of weed.