When mainstream financial journals start chronicling developments of the cannabis industry, you know it’s making real headway.
The Economist ran a recent article on front running businesses in the marijuana industry, and featured quotes from Poseidon founders.
The article focuses on a business conference in Denver and the wide variety of companies vying for capital and media attention therein.
“As investors have gained confidence in the industry, publicly traded marijuana companies have soared to well over 200 from a handful two years ago,” the article states. “Most of the investors so far are not mainstream venture capitalists from California but wealthy individuals from other parts of the country, says Emily Paxhia of Poseidon Asset Management, a hedge fund focused on cannabis.”
They go on to mention that while cannabis is likely to become more widely accepted and legalized in 2016 elections, a few obstacles stand in the way—namely, the specter of an anti-cannabis president.
“'My nightmare scenario is President Chris Christie' she says. The governor of New Jersey, now a Republican candidate, has made no secret of his hatred of weed in all its forms—even if legal, branded and marketed by a man in a pinstripe.”