On the Financial Sense News Hour Podcast last week, fund manager Erik Townsend from Fourth Turning Capital Management was interviewed about his experience at the Opal Financial Event in Napa, which Poseidon attended and presented at.
Hearing a third party opinion about how the traditional finance community reacted to an out-of-the-box presentation like ours is really fascinating--and encouraging.
As we mentioned in our recap of the event, members of Poseidon, ArcView, and 4Front Advisors presented to family offices and other fund managers at Opal regarding opportunities for investing in the cannabis industry. The reaction, while guarded at first, can only be described as a deluge.
“I couldn’t believe it myself when this came up," Townsend says, "but there was one session that absolutely shut the whole place down. No one went to any of the other panels, the speakers were upset… Because they all had to go to the new event that had never been at this conference before… It was actually an investment panel talking about how it is now possible to invest in formal instruments, including hedge funds, that are focused entirely on the space of legalized marijuana… “
He goes on to state how surprised he was by the reaction to our panel as it is such an ultra-conservative audience. But not one comment was made (to him at least) about the place cannabis is now taking at the event.
“I didn’t hear one disparaging, disapproving, ‘they shouldn’t be allowed in here’ kind of comment at all…. They were just flocking to this [panel]…”
Great to hear this from the traditional finance sector!