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Investors looking for high returns took to Colorado this week and poured more than $1 million into the burgeoning legalized recreational marijuana industry in the state.

In Denver, more than 60 investors from The ArcView Group met with 22 startup marijuana companies — including several directly involved in marijuana sales or cultivation, which was a first for the investment group — seeking capital. By the end of the meetings, the investors committed “well over $1 million” to Colorado marijuana companies, ArcView CEO Troy Dayton told The Denver Post.

And it may have been even more, however, due to Colorado’s marijuana laws which requires investors to qualify as state residents for three years before making equity investments in a marijuana business, some investors had to cap their deal pens.

ArcView president Steve DeAngelo told Bloomberg Businessweek that more than 90 percent of ArcView’s investors at the meeting came from out of state — meaning the overwhelming majority of them could not invest.

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Investors committed more than $1 million to Colorado marijuana startups this week in Denver. (AP Photo/Ed Andrieski) | AP
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