In addition to Steep Hill and Herbal Compliance’s unorthodox investment vehicles looking to enter Arkansas’ medical marijuana industry that is projected to grow to nearly $70 million in the next seven years, a host of other local and out-of-state investors, entrepreneurs and speculators also want to get in on the front end of the state’s newest hybrid healthcare sector.
A review of business filings with the Arkansas Secretary of State’s office shows there are more than 50 new companies that have incorporated in Arkansas in 2017 with corporate monikers associated with the legal pot industry, such as cannabis, marijuana, hemp, herb or associated terms.
Chris Powell, spokesman for Secretary of State Mark Martin, said the state does not keep information on companies planning to enter the state’s medical marijuana business, including those that have names directly or indirectly associated with fledging industry.
“Companies are not categorized that way when they file,” Powell told Talk Business & Politics.
Besides the spike in corporate filings, some enterprising entrepreneurs hoping to enter Arkansas’ newest business sector are also snapping up websites and Internet domain names related to the legal marijuana industry. One such entrepreneur is William Carpenter, managing director of a company called TR Global Capital. Carpenter said TR Global Capital is a private equity and project development firm organized in June 2016, operating under another Maumelle limited liability partnership called Carpenter Holdings LLC. Three other companies, Business by Design, Quest Educational Consulting and Yoga by The Lake, also are businesses that operate as a part of Carpenter Holdings, according to corporate filings at the Secretary of State’s office.
Carpenter also formed another separate LLC startup in April called Biometric Payment Systems that will provide medical marijuana businesses, including cultivators and dispensaries, a way to accept digital, electronic payments, and other payment process