Marijuana Retail Report

Ua room without windows in a rented warehouse in Auckland in 2019, co-founded Nabis Vince S. Nin and Jun Sup Leea few of their employees and a friend they met at the Y Combinator startup accelerator, Luana Lopez Lara (who co-founded the Kalshi prediction market and became one of the world’s the youngest self-made billionaires), manually transferred $2 million in cash.

The money was earmarked for excise taxes on marijuana in California. San Francisco-based Nabis recently launched a cannabis distributor during the medical marijuana boom in the nation’s largest weed market, and Ning and Lee’s job was to collect and pay taxes on the products they supplied to retailers. The duo hired an armed guard to watch the door. After the cash was counted, tied and bagged, Ning put the money into two suitcases, $1 million in each, put on a Hawaiian shirt—he thought he’d be less likely to be robbed if he looked like a tourist, but in the end he looked more like a scrawny drug addict—and headed to the state government building to deliver the money.

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