Billionaire Buffett’s marijuana bet

Everyone looks at the Powerball and dreams of getting rich instantly. All sorts of doors are open to anyone who wins the lottery. From building a water park to paying off family and friends’ mortgages, people enjoy sharing their wealth. But what about the really rich? Especially the Omaha guru? He’s made a fortune off groceries, soda pop, RVs, and funeral homes. The public feeds on watching billionaire Buffett’s bets on industries including cannabis.

Despite being born into a well-connected and comfortable family, Buffett has a strong work ethic. As his journey to a fortune of over $110 billion began, he sold products door-to-door, worked in a grocery store and delivered newspapers.

Buffett’s interest in the stock market and investing dates back to his school days, which he spent in the client lounge of a local stock brokerage firm near his father’s brokerage office. Who would have thought, long ago, that Buffett would be involved in the marijuana industry? And as always, billionaire Buffett’s bet on cannabis is doing very well thanks to increased consumer demand for cannabis.

Buffett and his investment company, Berkshire Hathaway, don’t invest directly in cannabis. Rather, the companies in which he owns a stake, like some pharmaceutical companies, are investing in the industry.

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Coca Cola is part of his portfolio and was the first to mention he was into marijuana. Buffett made it clear that he wasn’t happy with their way of thinking. Coca Cola decided to pass up the opportunity.

Buffett is a large shareholder in Kraft Heinz, which got into cannabis through its investment arm. Thanks to her vision, Buffett is just a little richer.

Kraft Heinz invested $23 million in Flowhub. They are a Denver-based cannabis retail software company. The Company’s businesses include point-of-sale, compliance, inventory tracking and business intelligence data for cannabis dispensaries via a digital platform.

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Jay-Z also invested $19 million in Flowhub. Jay-Z is smart to follow Buffett, as are many other investors. Flowhub generated $8 million in revenue from 500 customers in 2023. You’re starting to have a real impact on pharmacy operations.

While the industry appears to be on the right track, consumer adoption continues to grow and companies like Wana Brands, Flowhub and Curealeaf are doing well.