Scottish businessman Tony Banks has revealed he is planning a new venture in the booming cannabis industry in the US.

The care home tycoon said he is “moving forward” with a new business in America, where several states have legalised recreational use of the drug.

Mr Banks, founder of Balhousie Care Group, told the Sunday Times: “I’m always on the lookout for new investment opportunities and I’ve 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.”

Commercial cannabis farming is being touted as the latest trend in agriculture as governments show signs of relaxing opposition to the drug.

Nine states in the US have legalised marijuana for recreational use for people over 21, while medical marijuana is legal in dozens more.