At a certain location on Wall Street, a group of investors were thinking of getting in on the ground floor of an industry that is, for now, largely illegal. While there was a clandestine feel to the event, it was impressive for the businesslike approach of the various entrepreneurs, all of whom are involved in the cannabis industry in the states that have legalized its usage for medical purposes, toward the investors. They were pitching ideas, not about cultural change but about financial opportunities.
There is a sense that cannabis use for medical purposes will be legalized sooner rather than later in New York. The event was the seventh quarterly forum of the ArcView Group, a legal-cannabis investment organization founded in San Francisco, but it was the first to take place in a state where medical cannabis has yet to be legalized. According to a Fortune feature article on ArcView, investors pay an annual fee of $3,500 to attend the event, while entrepreneurs pay between $1,250 and $3,000 to pitch at the forum.
Spearheaded by Steve DeAngelo, ArcView brings investors with deep pockets to businesses pitching ideas primarily centered on the medical-cannabis industry. DeAngelo is the president of ArcView as well as the executive director of the Harborside Health Center in Oakland and San Jose, Calif. He arranged the pitch as a “Shark Tank”-style event where entrepreneurs present their ideas to potential investors.
“Our entrepreneurs and investors come from all across the country and, in some cases, come from other parts of the world, and we are really looking at the legal-cannabis industry as something which is in its infancy,” DeAngelo told the IBTimes.
DeAngelo acknowledged that there is plenty of work ahead before medical cannabis is legal in most U.S. states, but he said he believes that having businesses in place is an important first step. Investors are curious about the new markets related to medical cannabis, he noted, pointing out: “It is certainly only legal today in a few jurisdictions, but we know that, in the near future, that’s going to be changing. Forward-thinking investors and forward-thinking entrepreneurs want to be in a position to get ahead of the curve of that change and not be behind it.”
daily alternative | alternative news – Cannabis Comes To Wall Street: The Next Big Industry?