In the end of May, Poseidon attended the Cannabis Capital Summit in Denver, hosted by the Rocky Mountain Venture Club. There were over 300 people in attendance, showing the great interest in this new investment sector. It is exciting to meet people who are just being introduced to the Cannabis space, as it is usually a transformation of perception—and this meeting was no aberration in that respect.
Troy Dayton, the co-founder of ArcView, started the day discussing the trajectory of Cannabis legalization and prosperity. We always appreciate how Troy highlights the organizations who work so hard to make progress in legalization and decriminalization, such as the Marijuana Policy Project (MPP) and National Cannabis Industry Association (NCIA). As this industry continues to grow, legislation must change—and the folks working at these two organizations are at the forefront of this change, pushing politicians and law makers to think differently, and more logically, about cannabis. Their hard work makes a difference for all of us in the business, and we appreciate it. Further, we are painfully aware of the double-standard at work here: Cannabis is making some people wealthy, while it sends others to prison. The MPP and NCIA are working hard to come to terms with this discrepancy.
Six companies pitched concepts to the investors. It’s always interesting to see what the investors like and what is of lower appeal. We saw a couple of concepts that seem to hold promise. The degree of innovation coming down the pike in this space is inspiring. All we can say for now is that improvements in efficiency and quality in this industry are forthcoming, and we expect greatness.
Roberto Lopesino addressed the group at lunch, speaking to the experiences he has had in the space. As one of the largest companies in the sector to experience an SEC halting, it was intriguing to hear his point of view on the path of the public marketplace. We met some companies that are planning to go public and are warmed by the hope that these will add to the quality of businesses in the space.
Throughout the day, panels were moderated by industry leaders such as Ean Seeb and Brian Vicente. They addressed topics that ranged from legalization, to banking, to the ancillary aspects of the industry.
The Rocky Mountain Venture Club is an impressive organization – they work hard to foster their entrepreneurs, providing coaching and constructive feedback. It is an excellent resource for anyone who has a concept that they want to evolve into an actual business. As investors, we believe it is beneficial to attend pitches where the presenters have been groomed and have received feedback prior to the meeting.
We are looking forward to our next venture to Denver, for the ArcView meeting the week of June 23rd. See you there!