Trying To Sell Wall Street On Value of Marijuana
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Trying To Sell Wall Street On Value of Marijuana
Posted by CN Staff on June 15, 2013 at 05:06:05 PT
By E.C. Gogolak
Source: New York Times
USA -- Kalvin Savanh grew up in Portland, Ore., and, during high school, he said, he grew marijuana. About 15 years later, Mr. Savanh, 33, still helps grow it — but now it is legal. On Friday, Mr. Savanh and a childhood friend, William Serafica, the co-founders of Dynamiq Lightning, a Portland-based company that sells products for indoor cannabis cultivation, met near Wall Street with about 40 potential investors to encourage them to enter the cannabis industry at a time when 19 states have legalized the use of marijuana for medical purposes.
The two were among representatives from 18 start-up companies who attended a conference organized by the ArcView Investor Network, a group of entrepreneurs looking to invest in legal cannabis companies. The companies represented do not grow or sell marijuana, but rather provide services to the industry — like security, lighting and storage. “This is a historical moment,” said Troy Danton, 36, chief executive officer of the ArcView Group. Likening the rise of the cannabis industry to the technology boom of the 1990s, he said he saw marijuana as the next frontier. “We’re announcing to Wall Street, this is the real deal,” he said. Still, those involved in the business face a twofold challenge. On one hand, many states — including New York — have not legalized marijuana for medical purposes. Many in the industry also acknowledge that marijuana faces a lingering image problem. Brendan Kennedy, 41, whose Seattle-based private equity firm, Privateer Holdings, invests in the cannabis industry, said he worried that his firm would be thought of as “the cannabis guys,” adding, “We learned most preconceptions are wrong.” The key, he said, is in presentation. Pointing to a corporate-looking sign for the company Leafly, a Web site that allows users to review medical cannabis strains and dispensaries, he said: “There aren’t pot leaves. There is no Grateful Dead. There are no nurses in bikinis.” While those in the industry spoke optimistically about marijuana moving from the fringe to the mainstream in the next several years, and of more states legalizing it, resistance remains. In New York, it is doubtful that the Legislature will vote to legalize marijuana this year. While the Assembly approved a measure last week, the Senate has never brought it up for a vote. In a radio interview in April, Gov. Andrew M. Cuomo said: “I think we have to be very, very careful. Yes, there are potential upsides. But you don’t want to increase the distribution of drugs by creating another system.” Still, those gathered at the conference on Friday were upbeat about their long-term prospects. Daniel Williams, 35, the president of Canna Security America, a Denver-based security solutions company for the medical marijuana industry, was optimistic. “I believe once we hit the 25-state mark, that will be the tipping point of federal legalization.” Besides, he said, “the cannabis industry is growing so quickly, there’s no stopping it.” A version of this article appeared in print on June 15, 2013, on page A18 of the New York edition with the headline: Trying to Sell Wall Street On the Value Of Marijuana.Thomas Kaplan contributed reporting. Source: New York Times (NY)Author:  E.C. GogolakPublished: June 15, 2013Copyright: 2013 The New York Times CompanyContact: letters nytimes.comWebsite:  -- Cannabis  Archives 
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Comment #4 posted by FoM on June 16, 2013 at 09:57:48 PT
How Marijuana Could Be The New Gold Rush
June 16, 2013URL:
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Comment #3 posted by HempWorld on June 15, 2013 at 12:44:36 PT
Sam Adams growing so quickly
Ok, now this is how it is done! Read the below article!It goes like this: The Lake County Sheriff in California, requests the board of supervisors to authorize to take the money (i.e. this is a bribe, it is about money) basically enlist the DEA to enforce Federal law and gets paid for it!And then the supervisors go along with it!?This is what is perpetuating the drug war, in a medicinal marijuana state since 1995, it is a dragnet.As long as the feds have money, this will continue to go on. The will of the people in California, or the voters, or democracy or compassion be damned.And so it goes, folks! ... Randy Newman song: "It's the money that matters, in the USA..."LAKE COUNTY BOS SUPPORTS DEA CONTRACT FOR MARIJUANA ERADICATION FUNDS LAKEPORT -- The Lake County Sheriff's Office is on track to receive $170,000 from the federal government to eradicate illicit marijuana-growing operations in the county. click on link.Ps. the Pink Pop festival is going on all weekend, check it out, link 1st post.
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Comment #2 posted by Sam Adams on June 15, 2013 at 09:11:03 PT
growing so quickly
yes, NY Times, everything is so swell, except of course for the hundreds sent off to our the 8,000 veteran suicides per year, this story won't be appearing any time soon in the mainstream media...... 13 - In spite of growing public support for medical marijuana, concern about overreach by the U.S. Department of Justice and other federal agencies, and cutbacks in federal spending, the U.S. government’s war on medical marijuana is raging unabated according to a survey of court records by Cal NORML.On Tuesday, Michigan medical marijuana grower Jerry Duval, a kidney and pancreas transplant patient with severe medical problems, began serving a ten-year sentence in the same prison as the Boston bomber. Duval joins a growing list of defendants in states that allow medical marijuana who have been charged by the Department of Justice for violating federal laws prohibiting medical marijuana.According to a survey of US court records, news stories, and case reports compiled by Cal NORML (with help from Americans for Safe Access):• Over 335 defendants have been charged with federal crimes related to medical marijuana in states with medical marijuana laws.• 158 defendants have received prison sentences totaling over 480 years for medical marijuana offenses. Some 50 are currently in federal prison, while more are waiting to be sentenced or surrender.
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Comment #1 posted by HempWorld on June 15, 2013 at 07:59:04 PT
“the cannabis industry is growing so quickly,
there’s no stopping it.” I would 2nd that. But the comparison with the techology boom is not justified. I would rather compare it to the wine industry.I doubt that Wall Street will have a bonanza with this!Shout out to Troy! How are ya!Pink Pop Live Right Now in the Netherlands, enjoy:
Have Fun Every Body!
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