The Dundee-born founder of one of Scotland’s largest care home groups has announced his involvement in the American legalised cannabis industry.
Tony Banks, who founded the Balhousie Care Group more than 25 years ago, is understood to be one of the first leading entrepreneurs from the UK to be actively involved in the US “green rush” – the cultivation and farming of huge quantities of cannabis plants.
Several states in America have recently legalised the sale of cannabis and northern neighbour Canada recently legalised the drug for sale across the entire country.
In an interview with the Sunday Times, Mr Banks said: “I am always on the lookout for new investment opportunities and I have been watching with interest the changing laws in the US surrounding marijuana use.
“Any investment in this sector is at the very early stages, but I can confirm that I am moving forward with a new US-based venture.”
Although not confirmed by Mr Banks, it is thought the investment might involve an industrial-scale marijuana farm.
The largest farm of its type in the world is in the Canadian state of British Columbia which can hold a staggering 300,000 plants in its 10-acre greenhouse.
A spokesperson for the Balhousie Care Group said: “Our chairman, Tony Banks, has a diverse folio of investments which operate separately from both Balhousie Care Group and our parent company, Balhousie Holdings.”
The first Balhousie care home was set up by Mr Banks, his sister Terry and other family members in 1991, with the opening of the Balhousie Lisden home in Kirriemuir.
The group operates 25 homes across Scotland and recently undertook a £49 million refinancing deal.
Cannabis was legalised for recreational use in the South American country of Uruguay in 2013, before Canada followed suit in June of this year.
The UK government this week signalled plans to allow doctors to prescribe cannabis-derived medicinal products, like cannabis oil, which was welcomed by the Scottish government.
