Jacob Redmond
Well-Known Member
Several hundred elite investors gathered at the Fairmont Hotel in San Francisco today for a two-day "shark tank" event to fund and grow the next legal cannabis businesses.
Dubbed the 'Arc Tank' and organized by marijuana angel investment firm The ArcView Group from the Bay Area, about 30 startups and existing canna-businesses planned to pitch investors at the invite-only, members-only event.
Keynote presenter Justin Kan creator of Twitch TV – which recently sold to Amazon for close to a billion dollars and is a partner in Y Combinator – will give a talk on investment strategy.
Legal cannabis is expected to generate $10 billion in revenue by 2018. Twenty-three states have medical marijuana and four states legalized cannabis for adults 21 and over. Though it remains federally illegal, the Obama Administration has supported state efforts to tax and regulate the cannabis trade and Friday President Obama predicted the movement will spread.
ArcView Group co-founder Troy Dayton opened the event at 9 a.m. in the Fairmont Hotel's banquet hall, stating the event represents the convergence of three red-hot trends: tech, investment and legal cannabis at a global epicenter for all tree.
"It's an amazing moment in history to be in this place at this time," said Dayton, former fundraiser for Marijuana Policy Project, with a background in renewable energy.
The event comes on the heels of the most legitimate, mainstream investment in cannabis – Peter Theil's Founder's Fund investment in Privateer Holdings.
Today, MJFreeway also announced funding by Tao Capital Partners, which has invested in Tesla, Uber, and SpaceX.
"We're talking about big investors jumping into this sector who are known for investing in technology companies and now they are looking at technology companies in the cannabis industry," Dayton said.
The ArcView's network of investors includes billionaires, tech entrepreneurs turned VC funder, real estate moguls and some of the biggest brands in cannabis.
"The future of the industry is at the end of each handshake you will have over the next couple of days," Dayton said.
ArcView researcher Patrick Rea said the cannabis industry grossed $1.5 billion in 2013, and grew 74 percent to $2.7 billion in 2014. "This makes the fastest growing legal industry in America today," Rea said. ArcView forecasts industry growth of 32 percent in 2015.
"It hasn't been faster or more furious – it's been a wild ride," said Rea.
News Moderator: Jacob Redmond 420 MAGAZINE ®
Full Article: Smell the Truth » Posh pot investors gather at Fairmont Hotel
Author: David Downs
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Dubbed the 'Arc Tank' and organized by marijuana angel investment firm The ArcView Group from the Bay Area, about 30 startups and existing canna-businesses planned to pitch investors at the invite-only, members-only event.
Keynote presenter Justin Kan creator of Twitch TV – which recently sold to Amazon for close to a billion dollars and is a partner in Y Combinator – will give a talk on investment strategy.
Legal cannabis is expected to generate $10 billion in revenue by 2018. Twenty-three states have medical marijuana and four states legalized cannabis for adults 21 and over. Though it remains federally illegal, the Obama Administration has supported state efforts to tax and regulate the cannabis trade and Friday President Obama predicted the movement will spread.
ArcView Group co-founder Troy Dayton opened the event at 9 a.m. in the Fairmont Hotel's banquet hall, stating the event represents the convergence of three red-hot trends: tech, investment and legal cannabis at a global epicenter for all tree.
"It's an amazing moment in history to be in this place at this time," said Dayton, former fundraiser for Marijuana Policy Project, with a background in renewable energy.
The event comes on the heels of the most legitimate, mainstream investment in cannabis – Peter Theil's Founder's Fund investment in Privateer Holdings.
Today, MJFreeway also announced funding by Tao Capital Partners, which has invested in Tesla, Uber, and SpaceX.
"We're talking about big investors jumping into this sector who are known for investing in technology companies and now they are looking at technology companies in the cannabis industry," Dayton said.
The ArcView's network of investors includes billionaires, tech entrepreneurs turned VC funder, real estate moguls and some of the biggest brands in cannabis.
"The future of the industry is at the end of each handshake you will have over the next couple of days," Dayton said.
ArcView researcher Patrick Rea said the cannabis industry grossed $1.5 billion in 2013, and grew 74 percent to $2.7 billion in 2014. "This makes the fastest growing legal industry in America today," Rea said. ArcView forecasts industry growth of 32 percent in 2015.
"It hasn't been faster or more furious – it's been a wild ride," said Rea.
News Moderator: Jacob Redmond 420 MAGAZINE ®
Full Article: Smell the Truth » Posh pot investors gather at Fairmont Hotel
Author: David Downs
Contact: Feedback technical support customer service subscriber subscription help contact us written content - SFGate
Photo Credit: Wikipedia
Website: SFGate Blog Directory - SFGate
