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Who said cannabis and numbers don’t go together?

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My name is Andy and I recently joined Poseidon, a fund focusing on the legal cannabis industry. Since joining, I’ve noticed firsthand the disappointing lack of accounting and finance-minded professionals participating in this revolutionary industry. For this reason, I’d like to tell you why accountants, bookkeepers, and finance gurus alike should consider the high growth industry of legal cannabis.

It’s growing – like a weed!

The next time you’re enjoying a vintage from Napa Valley, consider that once upon a time (1933), alcohol too was federally illegal. One by one though, the people’s voice was heard and states took it upon themselves to repeal prohibition and the disastrous effects prohibition spurred.

Recently, a nearly identical process has begun in cannabis. In 1996, California was the first state to legalize the medical use of cannabis and in 2012, Colorado voted to legalize its recreational use via ballot initiative. Since then, 29 states and the District of Columbia have legalized cannabis in one form or another. Legal cannabis is now the fastest growing industry in the United States on track to become a $50b industry, with growth rates comparable to television, home, and mobile internet adoption.

There are legitimate medical benefits to cannabis

Thanks in large part to Charlotte Figi, the young girl whose parents used high cannabidiol (CBD) cannabis to medicate her persistent seizures with tremendous success, the medicinal value of CBD, and cannabinoids in general, entered the public lexicon. As our understanding of the endocannabinoid system and cannabis’s function as a neuroprotectant expands, so too does its acceptance as legitimate medicine.

While more research is needed to speak definitively, cannabis has demonstrated efficacy in the areas of chronic pain, anxiety, PTSD, Alzheimer’s and even cancer! While I wouldn’t blame you for being skeptical, check out Dr. Sanjay Gupta’s article explaining why he changed his stance on cannabis.

Prohibition has had devastating consequences

Despite being classified as a Schedule 1 controlled substance on par with heroin, cannabis is nonetheless readily available (and America’s #2 cash crop prior to any attempt to legalize it). It’s estimated that we spent $3.6 billion enforcing marijuana prohibition in 2010. Arguably, the human and societal toll of locking up nonviolent drug offenders has been far worse.

As a society, we need to figure out how to legalize and regulate marijuana in a way that balances the risks. There is still a tremendous amount of research that needs to be done, both on the benefits and detriments of this vilified plant. Under prohibition however, this research has been virtually impossible to perform. Supporting legit businesses by making sure they are getting their books in order helps to legitimize the industry in the eyes of the law and enables sustained growth.

Not the mention, the puns are pretty dope

Work in cannabis and trust me, your buds will be jealous. Its few and far apart that an opportunity to catalyze an industry presents itself. And much like any other industry, potential employers span the gamut; from plant touching cultivation and dispensary businesses to ancillary tech, data, media, marketing, compliance and beyond.

So, if you have a background in accounting or finance and think you might want to join the cannabis industry, reach out! We’ve put together a brief survey to compile interested candidates at the URL below. You can also check out start-ups on AngelList and introduce yourself to venture capital firms and incubators in the space; someone you know might even already be involved.

Cheers,

Andy

Interested Candidate Survey: https://goo.gl/forms/vnM2iWtQHg0mHWKP2

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Paxhia Featured in San Francisco Chronicle

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Co-founder and Managing Partner of Poseidon Asset Management, Emily Paxhia was featured in a special edition of the San Francisco Chronicle earlier this month. The Sunday edition of the paper included a special insert called Green State, which highlights news and features about the cannabis industry. 

One of the leading articles in the paper focuses on the exodus from corporate America to the cannabis industry. Considered a ballsy move by some folks, the career switch is happening more and more often--a corporate brain-drain that is benefiting this emerging vertical. 

The article profiles several individuals who left high profile jobs to join, or in Paxhia's case, found, cannabis focused firms.

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"Once an industry of outlaws, legacy pot businesses have begun reaching far outside the core industry to fill high-level positions," the article states.  "Emily Paxhia, co-founder of the San Francisco cannabis investing company Poseidon Asset Management... and her brother Morgan host executive-level job fairs in the Bay Area to help fill upper-management jobs in cannabis."

Kudos to the Chronicle for putting out such a progressive insert in their Sunday edition, and congrats to all the forward thinking executives making their way in this thriving new field. 

Read the full article here

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Poseidon Featured in Elle

Poseidon in French Elle

Elle France recently wrote an article on the female titans of the cannabis industry, and featured Poseidon founder and Managing Director, Emily Paxhia. The article, entitled "Les reines du reportage cannabusiness" describes the rise of the industry and how refreshing and interesting it is that so many women have become icons and leaders in it. 

Though the article is in French, feel free to download and read a copy here

 

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Poseidon Wins Best Alternative Investment Award

Poseidon Alternative Investment Award 2017

Award season continues with Poseidon winning the Best Agri-Business Investment Manager 2017 - California & Best Agricultural Hedge Fund (Since Inception) from Wealth and Finance International. The award is based purely on merit and performance. 

Wealth and Finance International describes the category and award: "Previously an undervalued industry, the alternative investment category has grown immensely over the past few years. Behind the ever-growing success are the leading lights whose innovation, dedication and inventive ways has seen them accomplish some remarkable results.

"Now in its fourth year, the 2017 Alternative Investment Awards cast a light on the individuals, firms and departments from across all sectors that have played a part in shaping this dynamic and imitable industry."

 

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Poseidon Wins Top Performing Hedge Fund Award

Barclay Hedge has awarded our hedge fund, Demeter Capital Group, the Top Performing Hedge Fund Award for the last 3 years running. Looking at how our compounded annual returns compared with other funds, Demeter outperformed all the competition.

From Barclay Hedge: 

"We are pleased to announce that Poseidon Asset Management LLC has been featured in the quarterly publication, Barclay Managed Funds Report (BMFR)Demeter Capital Group LP has ranked # 1 in the Sector - Other - Past Three Years category for 4th Quarter, 2016."

See the current multi-year rankings for the top performing managed futures programs, and three-year rankings on the top performing hedge funds across 21 different sectors.

An interview and profile of Poseidon also appeared in trad pub, Opalesque recently. Check it out here. 

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Business Insider Quotes Poseidon in Reaction to Sessions' Appointment

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Business Insider Quotes Poseidon in Reaction to Sessions' Appointment

As the new head of the Justice Department, Attorney General Jeff Sessions will have sweeping power over how the federal government approaches marijuana during the new administration. Looking to judge how the industry has reacted to his appointment, Business Insider interviewed several industry leaders, including Poseidon Managing Director, Morgan Paxhia. 

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Poseidon Wins International Acclaim in 2017 Hedge Fund Awards

Despite challenges and uncertainty in international financial markets over the past 12 months, a select few hedge funds excelled in providing strong returns and quality investor support. Corporate finance publisher, Acquisition International celebrated the very best this month, including a few special honors for Poseidon Asset Management.

Poseidon brought home two awards for 2017 - one for the Most Pioneering Hedge Fund Manager, and one for Best Emerging Agricultural Hedge Fund

Discussing the awards, Coordinator Peter Rujgev commented: “It has been a true honour to be able to showcase the hard work and commitment of every one of my deserving winners. This programme has been going on for five years now, and during that time we have highlighted some of the industry’s greats. I hope all of my award winners have the very best of luck going forward, and I will be watching their future endeavours with great interest.”

Read more about the award winners here

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Investment Trade, Opalesque Interviews Poseidon

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Investment Trade, Opalesque Interviews Poseidon

Poseidon’s involvement with the fastest growing industry in America has been turning heads since inception in 2014. Now, with legalization sweeping across the country, and expected market size going to $20bn by 2020, the alternative investment sector publication, Opalesque published an interview with our upper management. 

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Industry Turns to Poseidon for Reactions in Wake of Election

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Industry Turns to Poseidon for Reactions in Wake of Election

The U.S. election brought a variety of reactions to the American public, but within the cannabis community, smiles reigned on November 9th. Voters within seven additional states legalized adult use of medical marijuana, and market leaders are now anticipating a surge in capital opportunities. Poseidon Asset Management spoke with Marijuana Business Daily recently about the potential the future holds.

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Business Insider Profiles Poseidon

Business Insider spoke with Emily and Morgan Paxhia recently in a profile Poseidon Asset Management. 

The story begins with the duo's family history, when a nurse suggested cannabis for palliative care with their cancer-stricken father. Coming from a medical professional, the suggestion struck them, and started their separate journeys toward understanding the plant not so much as a recreational substance, but as medicine. 

Fast forward a decade and a half to when Morgan and Emily both happened to re-locate to the West Coast for separate professional reasons. Wanting to begin a new venture and having the foresight to see the changing legal perspective on marijuana, they knew it was time to begin one of the first (and earliest founded) cannabis investment funds in existence. 

For a more detailed (and eloquent) telling of their story, check out the original article in Business Insider. 

 

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