At the San Francisco ArcView Group investor meeting this week, the Wall Street Journal caught up with Poseidon as well as a few of our friends in the industry. In the wake of Silicon Valley giant Peter Thiel’s recent investment in a cannabis fund, a lot of attention is centered on what’s hot, what’s growing, and what is set to capture huge revenues in the coming year.
“Since Colorado and Washington first voted to legalize recreational marijuana use in late 2012, the legal cannabis market has grown from $1.5 billion in 2013 to $2.7 billion last year, according to industry estimates,” the article states. “That kind of velocity gets the attention of investors, many of whom focus on tech.”
The article then goes on to detail how cannabis social media app MassRoots was recently kicked out of Apple’s App Store—and how the app team has turned a set back into a big media gain.
The article also speaks about how the boom in the cannabis industry has brought a lot of strange ideas to the table--people with half cocked concepts who are running to ask for funding from anyone who will listen. As the WSJ article details, some have chosen instead to place investments in more stable and mature opportunities.
"Run by brother and sister team Morgan and Emily Paxhia, the San Francisco-based fund has put about $5 million into companies, including MassRoots,” the WSJ says. “Typically potential investors unfamiliar with the industry make jokes, Emily Paxhia says, asking “Oh, did you bring free samples? Ha, ha.”
They go on to talk about some of the most respectable and immensely promising companies at the conference—like edible manufacturer, Auntie Dolores.
Great coverage of the event! Read the full article here.