Viewing entries tagged
2014 - 01

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A Little Sensimilla with your Soppressata?

Rumors are circulating that a cannabis-inspired restaurant is now in the works, with high-end chefs working the goods into every delicious morsel. Where, might you ask, would they try to do such a thing? One of the world's food mecca's, of course -- New York City.

According to the website, Sinsemil.la will debut the latest in food fusion by pairing the flavors of its delectable-sounding spring tasting menu with a complementary variety of weed.

While the legal matters involved are not exactly ironed out in the materials we've seen (will all patrons be required to have medical licences?), the idea is nonetheless fascinating.

Our only question--why hasn't this happened in Colorado yet?

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D.C. on Cusp of Announcing Changes in Banking Legislation for Canna-Businesses

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Attorney General Eric Holder said today that the Obama administration plans to announce a change in financial regulations that will finally allow banks to handle funds for legal marijuana businesses.

This is huge, as many medical marijuana dispensaries and other canna-businesses have up until this point had trouble borrowing money—not to mention opening business checking accounts. This has led many of these businesses that handle day-to-day storefront operations, like dispensaries, to have to deal with large amounts of cash with nowhere “safe” to stash it. This then makes them serious targets for organized crime.

"You don’t want just huge amounts of cash in these places,” Holder said earlier. "There’s a public safety component to this… It is an attempt to deal with a reality that exists in these states."

Though Holder did not specify whether the rules would apply only in Washington and Colorado, or also to states which have legalized cannabis for medicinal use, this announcement will certainly be a significant step on the road to proving without a doubt the legitimacy of the cannabis industry.

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The Silicon Valley of Cannabis

Courtney Nicholas

Courtney Nicholas

A great article from Vice was posted recently on the state of the cannabis industry. It features an awesome quote from our friend Troy Dayton from ArcView Group that we just couldn't resist sharing:

The hippies keep being right. They were right about personal computing, alternative energy, organic foods, and yoga—four of the biggest business success stories of the past few decades. And they’re right again about cannabis.

Poseidon Asset Management is so excited to be a part of this burgeoning industry. Hearing what is going on in Colorado right now, it's fantastic to think that it's only a matter of time before that spills over into other states.

Having the pioneering hedge fund focusing solely on cannabis, our investors are in a great position to potentially grow exponentially as the world wakes up to the fact that cannabis is the cash crop of the 21st century.

Troy's right---the hippies had it right the whole time.

 

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D.C. Decriminalizes Cannabis Possession

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The District of Columbia unanimously passed a bill today decriminalizing possession of small amounts of marijuana, carrying the support of eight of the 13 District Council members as well as that of Mayor Vincent C. Gray.

The bill removes serious penalties for possession of less and one ounce of marijuana for those over the age of 18, replacing them with a $25 fine. Juveniles caught would additionally have their parents notified.

This move was seen as long overdue by both cannabis and human rights advocates, as D.C. has the highest arrest rate for cannabis possession in the country, which surpasses the national average 3 times over. The American Civil Liberties Union (ACLU) released a report last year citing that African Americans are more than eight times more likely to be arrested for possession than Caucasians.

“The stigma and consequences of an arrest and conviction for marijuana possession are overly burdensome, and present obstacles to obtaining an education or meaningful employment,” Dan Riffle, Director of Federal Policies for the Marijuana Policy Project said in a statement. “So it’s particularly shameful that the burdens fall almost exclusively on the District’s minority community.”

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New York State Makes Plans to Loosen Marijuana Laws

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New York State Officials reported that Gov. Andrew Cuomo will announce an executive action this week that would allow limited use of marijuana for medical uses. While he has been traditionally resistant to medical marijuana in the past, this change of policy comes in the wake of Colorado and Washington's pioneering stances starting on January 1, 2014.

While the regulations reportedly will be stricter than other state's laws, such as California's, it nonetheless shows New York's needle moving decidedly left--and in the direction of medical marijuana advocates and lawmakers elsewhere.

Read more: www.nytimes.com/2014/01/05/nyregion/new-york-state-is-set-to-loosen-marijuana-laws.html

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The Launch of a New Era

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Beginning January 1, 2014, the “Colorado experiment” saw a fantastic launch, with trailblazers reveling in their new freedoms. The lines were immense outside dispensaries across the state.

The now-legal Colorado marijuana industry saw over $1 million in revenues on day 1. Cannabis advocates and users rushed to the state to enjoy the plant and rights for which they have fought so hard. Many patients who are alleviated by marijuana properties are planning on re-locating to the state. It’s a bright new year for the industry, and we only hope other states soon follow suit.

Washington state dispensaries are slated to start operating similarly in the spring.  Forty-eight more states to go! 

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