A few years ago, a bill like HB 1011 would have seemed tantamount to Colorado flirting with greedy corporations hell-bent on squeezing out mom-and-pop cannabis shops while raking in mega-profits from the booming industry. But times have changed, says Representative Dan Pabon. He’s the primary House sponsor of HB 1011, which would ease restrictions on the cannabis industry’s growth potential by making the state more attractive to deep-pocketed domestic and international investors.
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What can $3.5 million in funding get you? The top slot as the most venture-capitalist-backed company in the cannabis industry.
Last week, Baker, a marketing-automation platform, announced that it had secured a $1.6 million extension to its August 2016 seed round — bringing its total raised capital to $3.5 million. The company’s software connects dispensary owners with customers throughout every touchpoint, from online ordering to in-store check-in and interactive shopping menus. Last year, Baker helped more than 250 dispensaries collect a total of $3.1 million in revenue.
Want to make money off of Canada’s medical marijuana program? You might want to move to Canada.
According to Reuters, which broke the story, the U.S. Drug Enforcement Agency has been keeping an eye on American investors looking to put their money into Canadian medical marijuana – no doubt waiting for the right time to file charges of violating the U.S. Controlled Substances Act.
As the cannabis movement goes more main stream, the hucksters, frauds, snake oil salesmen, and get-rich-quick types are coming out of the woodwork. Nowhere does such a low-level life form thrive better than on the world wide web.
But while information becomes more readily available online, reliable information becomes more of a rare and valued commodity – particularly when it comes to pot. The charlatans trying to profit on the cannabis boom know this, and they are quite literally in a race to cash in as large as possible before the capitalistic opportunity of a lifetime dries up.
This haste – and its consequences – has been demonstrated time and again in the grey-collar world of trading weed-related stocks. As despicable as this practice of pumping and dumping pot stocks is, at least they are targeting adults.
Legal marijuana is big business — or at least that’s what investors are banking on. On Tuesday, 22 cannabis entrepreneurs pitched their business ideas to more than sixty investors gathered at the Denver Athletic Club in the second Mile High confab hosted by the California-based ArcView Group, which connects investors with pot-related startups.
Though not all of the deals are finalized yet, ArcView CEO Troy Dayton estimated that the pitch slam resulted in “well over $1 million” in investment. Denver Westword‘s Melanie Asmar has the full story.
Brian Garret almost tripped as he approached his favorite dispensary, Sticky Buds, on September 3 — and it wasn’t because of Denver’s lousy sidewalks. Garret’s pot shop of choice on Colfax Avenue had a banner hanging out front, announcing new ownership.
“I called the other location [on South Broadway], and they said Solace Meds took over that one, too,” he said at the time. “Everything inside was pretty much the same, but things will probably change with time.”
Colorado’s billion-dollar marijuana industry is about to welcome some deeper pockets into the game, but first it needs to create rules to play by.
With a few strokes of his pen, Governor Jared Polis ushered in the most change to Colorado’s marijuana landscape in a single day since voters approved recreational pot in 2012.
Most national magazine stories about the cannabis industry like to focus on new-age pot investors and entrepreneurs, but the real folks in the know are still on the grassroots level.
The CBD water is warm, and investors are ready to jump in. Some of those investors are coming from established marijuana dispensary brands and are now diving into the hemp and CBD-only pools, buoyed by their experience with the plant and dealing with much tougher regulations.