The Los Angeles Times published an article recently about the New West Summit, one of the newer conferences in the Bay Area where cannabis entrepreneurs gathered to pitch themselves to potential investors. Poseidon was quoted in the article.
"Here at the New West Summit, everyone seemed busy," she writes. "Hedge fund managers and venture capitalists mingled with medical cannabis dispensary owners, app developers and all manner of cannabis entrepreneur... [and] the amounts of money are staggering."
The writer then quotes one festival attendee who said that he witnessed $57 million to date being invested in cannabis businesses, mainly in Colorado, California, and Washington. The industry insider also predicted that revenue would leap from $2.7 billion in 2014 to perhaps $11 billion by 2019. Poseidon was tapped for comment in this area.
"'It’s an underground industry that is finally becoming investable,' said Morgan Paxhia, who, with his sister, Emily, runs Poseidon Asset Management, a firm that invests in cannabis-related businesses."
The article then goes on to detail the wide variety of companies pitching at the conference, some of which Poseidon has helped to get a leg up in the industry. The overarching theme - appropriation. Perhaps it's simply that the conference was held an hour north of Silicon Valley, but there were quite a few companies describing themselves as "the Uber of cannabis," the "Starbucks of Cannabis," the "Yelp of Cannabis" and so forth. It's not necessarily a bad thing, just a sign of the times.
As this industry continues to mature, we are sure to see a reversal of such appropriations. We look forward to when companies in younger industries soon begin using cannabis titans as the true measuring sticks of success.
Read the original column here.