Investors Have Big Hopes For Marijuana Industry

SACRAMENTO (CBS13) — Success of a marijuana-based drug following good news is being tracked in Sacramento.

Daniel Conway has been with his new marijuana investment business for three months. He says it's impossible to predict what it will look like five years from now.

A pharmaceutical company's stock is on the rise after test results that could eventually lead to approval from the Food and Drug Administration for cannabis-based treatment of a specific form of children's epilepsy.

It's the kind of headline that gives comfort to the former chief of staff for the Sacramento mayor.

"I think marijuana's moment has come," he said. "Right now you have everyone from presidents to parents talking about it."

He left his career in politics to become a partner with a legal marijuana investment business. His company is anticipating growth in medical and recreational marijuana use across the country.

"I think there really is a lot of opportunity to shape this industry, not just from an investment perspective but also from a cultural and social perspective," he said.

Not everyone agrees now should be marijuana's moment.

There is still opposition. Carla Lowe founded the group Citizens Against Legalizing Marijuana, which is against legalizing it until it becomes a bonafide medicine.