Russian business to invest in marijuana
The owner of Renaissance Insurance, Boris Jordan, became one of the first Russian marijuana businessmen.
The names of some Russian businessmen who invest in marijuana have been revealed. Entrepreneurs try to disguise that aspect of their activities since cannabis containing psychoactive substances is prohibited in Russia.
“Russian businessmen have been developing their projects on the market for soft drugs for several years now,” Forbes writes. Thus, eight out of 25 investors admitted that they are either thinking about investing money in marijuana or are already doing it.
The owner of Renaissance Insurance, Boris Jordan, became one of the first Russian marijuana businessmen. He is a co-owner of Curaleaf, a company that produces goods in the United States, where marijuana use is partially permitted. Another co-owner of Curaleaf is the long-time partner of oligarch Roman Abramovich Andrei Bloch.
Andrei Kukushkin, the former vice-president of Renaissance Investment Management, has invested in US pharmacies selling marijuana. Then he spent in the cultivation of cannabis. By May 2019, his revenue reached $60 million. Another Russian businessman invested in the production of cannabis in Israel.
The production, storage, and distribution of marijuana are prohibited in Russia. Violation of the relevant articles of the Criminal Code entails imprisonment. For example, a drug dealer faces a life sentence for 27 kilograms of marijuana, which the security forces seized in Novosibirsk.
Russia’s deposit insurance agency asked the court to involve an offshore company Clement Glory in a case against a fugitive banker and an ex-owner of Vneshprombank Georgy Bedzhamov. Clement Glory turned out to hold Bedzhamov’s real estate in Great Britain in pawn, reports RBC.