The cannabis industry is doing very well in the United States: more than 75% of the population lives in a state where access is permitted, and the legal market is expected to generate $33 billion this year. A black market still eats into the industry’s bottom line, however, and a patchwork of state regulations artificially constrain the TAM for public and private companies managing grow operations, distribution, transportation, inventory control, testing, and point-of-sale software. In California, dispensaries advertise on freeway billboards and budtenders are a frequent sight at weddings, but Anna Heim found that the industry still has a long way to go before it reaches maturity nationwide, largely because federal laws continue to bar cannabis-related business from using traditional financial services. To learn more about the underlying market forces and hurdles facing entrepreneurs and investors in this maverick industry, she spoke to four investors: - Jacqueline Bennett, managing partner and co-founder, Highlands Venture Partners
- Yoni Meyer, partner, Casa Verde Capital
- Matt Hawkins, managing partner and co-founder, Entourage Effect Capital
- Emily Paxhia, managing director, Poseidon Investment Management
Emily Paxhia joined Anna and me yesterday for a Twitter Space to discuss some of the survey’s topics in greater depth, describing cannabis as “today’s fastest-growing consumer packaged goods category.” Although delivery services are oversaturated at the moment, she said she’s actively recruiting professionals who have CPG experience in marketing, product management and other roles for Poseidon’s portfolio companies. Thanks very much for reading TechCrunch+ this week! We will publish on a reduced schedule over Memorial Day weekend; I hope you enjoy the break. Walter Thompson Senior Editor, TechCrunch+ @yourprotagonist Read More |
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