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url: hMPp://www.bizjournals.com/seattle/news/2013/01/24/investors-entrepreneurs-look-for-big.html?page=all
With marijuana legal, entrepreneurs move to cash in on cannabis
When Washington state voters passed a law legalizing marijuana, they boosted prospects for entrepreneurs around the world pursuing opportunities in the cannabis business.
When it did become legal, we were talking to various different investors at the time, said Josh Gordon, CEO of RoDawg, a lifestyle brand creating smoker accessories, including designer joint cases. From an investors point of view, it brought the whole lofty goal into reality. And thats something weve noticed a lot, post-legalization.
Gordons company will be one of about 10 startups gathering in Seattle Jan. 28 for a quarterly investors meeting organized by The ArcView Group, a San Francisco-based cannabis industry consulting firm founded in 2010 that has an angel investor network focused on that market. About 25 investors will attend, with an interest in participating in the marijuana gold rush that some are hoping for.
We bring together investors and companies and angel networks, said Troy Dayton, CEO of The ArcView Group, which is organizing the private meeting at the Washington Athletic Club in downtown Seattle.
We focus exclusively on businesses that do not touch cannabis directly, Dayton said. Mark Twain had a really great quote. He said, During the gold rush is the best time to be in the pick-and-shovel business, and its the same idea here. Theres a lot of services that serve this industry outside of ones that would touch cannabis directly, which, of course, is outside of federal law.
Washington state voters passed Initiative 502 in November, but it remains unclear how the state law will work with federal law prohibiting marijuana use. Gov. Jay Inslee and Washington state Attorney General Bob Ferguson were in Washington, D.C., recently to meet with the Justice Department on the issue, but that didnt result in a lot of clarity. Still, Inslee has instructed the state to move forward in creating rules for production, distribution and retail sales of marijuana in Washington state.
With marijuana legal, entrepreneurs move to cash in on cannabis
When Washington state voters passed a law legalizing marijuana, they boosted prospects for entrepreneurs around the world pursuing opportunities in the cannabis business.
When it did become legal, we were talking to various different investors at the time, said Josh Gordon, CEO of RoDawg, a lifestyle brand creating smoker accessories, including designer joint cases. From an investors point of view, it brought the whole lofty goal into reality. And thats something weve noticed a lot, post-legalization.
Gordons company will be one of about 10 startups gathering in Seattle Jan. 28 for a quarterly investors meeting organized by The ArcView Group, a San Francisco-based cannabis industry consulting firm founded in 2010 that has an angel investor network focused on that market. About 25 investors will attend, with an interest in participating in the marijuana gold rush that some are hoping for.
We bring together investors and companies and angel networks, said Troy Dayton, CEO of The ArcView Group, which is organizing the private meeting at the Washington Athletic Club in downtown Seattle.
We focus exclusively on businesses that do not touch cannabis directly, Dayton said. Mark Twain had a really great quote. He said, During the gold rush is the best time to be in the pick-and-shovel business, and its the same idea here. Theres a lot of services that serve this industry outside of ones that would touch cannabis directly, which, of course, is outside of federal law.
Washington state voters passed Initiative 502 in November, but it remains unclear how the state law will work with federal law prohibiting marijuana use. Gov. Jay Inslee and Washington state Attorney General Bob Ferguson were in Washington, D.C., recently to meet with the Justice Department on the issue, but that didnt result in a lot of clarity. Still, Inslee has instructed the state to move forward in creating rules for production, distribution and retail sales of marijuana in Washington state.