I don't see how starting a lion farm business diverts money from conservation any more than starting a car dealership or a pig farm. It's not like the potential lion farmer finds out that it's illegal and donates their 100k to conservation instead.
So far we have the viewpoints that:
1) "It's OK to eat animals regardless of species (going to leave the humane thing out of this for now)"
2) "It's OK to eat certain animals but not other certain animals"
and I'm very surprised that no one has brought up:
3) "It's not OK to eat animals"
I think 1 and 3, while opposite, are the ones that actually make sense. Now, I understand the issue with poaching. But I do not see the difference between raising puppies for food and calves for food in an objective sense. There is an overpopulation of puppies; surely we are not pushing dogs to endangerment by eating them. And honestly, when we have horses, dogs, and cats being put to sleep for lack of homes AND we're breeding millions of different animals to eat, we're increasing the total number of animals that end up dying at human hands. Now, I totally understand personal and cultural preferences when making your own PERSONAL choices. I don't think I could bring myself to eat a rabbit, for example, but it's another whole ball game when you start trying to define what other people can and can't eat.
FWIW I'm vegetarian, but again this is my personal choice and not something that I believe I have the right to impose on other people.