Canadian broadcast network CBC quoted Poseidon prominently in a recent article about American investment dollars moving north as political attitudes toward cannabis brighten there.
In the wake of Justin Trudeau’s election win, who has promised to allow recreational use of the plant, investment in the country’s booming cannabis industry is expected to grow. This trend was lead by Poseidon and other few other forward thing investors.
“'Poseidon Asset Management, a San Francisco-based hedge fund focused squarely on the cannabis space, says it is considering boosting its Canadian holdings following Justin Trudeau's election win,'” the article states. It then quotes Poseidon co-founder and Chief Investor, Morgan Paxhia.
"'We have one core holding up there currently but we would love to expand that,' says Morgan Paxhia, the hedge fund's founding partner and chief investor. South of the border, Poseidon invests only in businesses that are 'one step away from touching the leaf,' such as producers of cooling systems used in marijuana production facilities or vaporizer technology. 'We wouldn't want to put our (investors) at risk with that exposure in the United States,' says Paxhia. 'That's why Canada is of interest to us, because we can then participate in that growth.'"
Leading market voices then chime in, stating that Canada has a chance to become a global leader because of its forward thinking attitude. Some US companies have even started listing their shares on Canadian markets in the hopes of capturing further investment dollars.
"You're going to see a lot of U.S. marijuana companies listing on the Canadian exchanges up here," Analyst Khurram Malik is quoted saying, noting that a high number of legitimate cannabis companies currently trade on Canadian stock markets.