Type the word "cannabis" into the New Zealand business directory on the Companies Office website and you'll get a full three pages of businesses, most of them incorporated in the past two years.
That only scrapes the surface and doesn't begin to delve into the entities with slightly more creative names, such as variations of "cann", "canna" or "phyto".
Like the opportunist panners who rushed to gold-rich regions decades before, cannabis pioneers are also looking to strike it lucky.
The rivers may run green this time, but many pans will end up empty, even if New Zealand's legal cannabis industry takes off.
We've already seen our first casualty, in the capitulation of cannabis firm Medicann.
Emails leaked to the Herald from an investor who put $50,000 into that business give a glimpse of how sour cannabis deals can go. "I will fly to NZ and personally extract my full investment from the company by whichever way possible," reads one email to an executive. "Please don't construe that as a threat ... take it as a f***ing promise!"
You'd imagine an email like that would be enough to prompt a little trepidation. But already, with the Medicann file still open on the liquidator's desk, some of the individuals previously involved in that business already appear as directors and shareholders for other cannabis firms.
Speculate at your own risk
Snowball Effect co-founder Simeon Burnett is well-versed in start-ups and he warns investors not to put any money into marijuana that they aren't willing to lose.
"Investing in the medicinal cannabis industry is highly speculative, with most companies still at the 'concept' stage of their development," Burnett says.
"The regulatory regime for the medicinal cannabis industry is yet to be determined and investors should remain conscious of the risk this presents for the companies they are looking to invest in."
The Misuse of Drugs (Medicinal Cannabis) Amendment Bill passed its third reading in December last year, laying the foundations of a medical cannabis industry. In addition to giving the terminally ill a defence against the use of illicit cannabis products, the bill requires the government to write a regulatory framework for the medicinal cannabis industry within a year - suggesting it could take until 2020 for a clearer indication of the shape the local industry will take.
Added to this structural and legal uncertainty is the reality that the many of the companies emerging aren't likely to ever turn a profit.
"Only a small number are likely to become meaningful businesses and that's only if the industry can find its feet," Burnett says, making the point that investors need to conduct due diligence before parting with their hard-earned cash.
Helius Therapeutics co-founder Paul Manning takes this a step further: he advises novice investors not to part with their money at all.
"Inexperienced investors should hold off until cannabis companies are licensed, operational and – ideally – turning a profit," Manning says. "As attractive as the industry seems, this isn't a 'green rush'. Be extremely wary of unregulated crowd-funding initiatives."
Government joins the party
The speculative nature of the cannabis industry hasn't deterred the Government from hedging a few bets through Callaghan Innovation.
Callaghan spokeswoman Melanie Tuala told the Herald Callaghan Innovation had approved research and development co-funding grants to investigate medicinal, nutritional and tech applications related to the cannabis industry.
Project grants of this nature are designed to encourage innovation by co-funding up to 40 per cent of R&D projects that meet specific criteria.
Tuala says Callaghan's involvement in cannabis extends well beyond medicinal applications, also taking in other uses, from fabrics to energy.
She says said there is potential for New Zealand to become involved in high-value research and extraction activities – meaning there will be more examples of this type of funding as the industry matures.
