The Flandreau Santee Sioux Tribe started growing marijuana on its reservation in South Dakota but destroyed its crops out of fear of a raid. Photo: Eric Hagen

Marijuana firm promises big investments with help of ex-Seminole leader

A marijuana development firm is promising to make big investments in Indian Country with the help of a prominent tribal citizen.

President Leslie Bocskor of Electrum Partners told CNNMoney that he will start with $25 million to $50 million. In three years, he hopes to invest up to $300 million in deals with tribes.

"This is going to be bigger than bingo," James "Jim" Billie, a former chairman of the Seminole Tribe who is working with Bocskor, told CNNMoney.

Very few tribes have joined the marijuana industry due to uncertainties in state and federal enforcement. But it could prove to be lucrative if tribes are able to develop their own regulatory and taxation systems without interference from states.

During the Obama administration, the Department of Justice issued a policy statement that seemingly opened the door to marijuana in Indian Country. The Trump administration has not rescinded the memo but Attorney General Jeff Sessions does not support legalization of the drug.

Read More on the Story:
Former Seminole chief to help other tribes grow legal weed (CNNMoney 6/22)

Department of Justice Document:
Policy Statement Regarding Marijuana Issues in Indian Country (October 2014)

Related Stories
Former chairman of Seminole Tribe launches marijuana venture (June 7, 2017)

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