Micro-cap investor Irwin "Izzy" Zalcberg has acquired shares in TechnoConcepts, according to MarketWatch. The financial terms of the purchase were not disclosed in the said report.

TechnoConcepts chairman and chief executive officer (CEO) Jose Suarez said: "As we look to increase shareholder value, we are excited to have investors such as Mr. Zalcberg demonstrate his faith in the initiatives we have undertaken by taking an equity position in our Company."

In the last few years, the legalization of medical marijuana has been worked on by several US states. Because of the approval of medical marijuana, investors have found a huge opportunity to start new ventures. At present, the legal marijuana market's value in the US is pegged at $1.44 billion. It also has a national market potential of $10.2 billion for the next five years, the report detailed.

TechnoConcepts Inc is a Colorado-based wireless tech firm that owns intellectual properties and patents. It is also a solutions provider to companies in the regulated cannabis sector, MarketWatch reported.