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Following President Biden’s brief mention of cannabis reform in the State of the Union speech last month and VP Kamala Harris‘s recent plea to the DEA to accelerate the process of rescheduling cannabis under the Controlled Substances Act, there has been much speculation about what’s next and when.
Meanwhile, cannabis companies are figuring out ways to stay afloat and attract investors. Suggestions and ideas on how to do that are on the docket at the upcoming Benzinga Cannabis Capital Conference this April 16-17 where Morgan Paxhia of Poseidon Investment Management and John Darwin of Luminous Capital will share their vast industry experience.
To say that the last couple of years have been challenging for cannabis companies would be an understatement. High taxes, regulatory challenges, no banking options and a booming illicit market are some of the stumbling blocks on the road. Despite this, some companies grew. According to experts, successful companies are the ones that keep their focus on their balance sheets and make their businesses sustainable.
Financial health is one of the factors investors have been and will continue to look for in 2024. Paxhia and Darwin will share ideas.
In 2014, Poseidon made a bold move of investing in plant-touching companies, which turned out to be a smart move, as the company now has three funds that are closed to new investors. Commenting on the latest earnings season, Paxhia said that while some companies performed well, others continue to struggle with too much leverage and past capital allocation decisions. "We expect the gap in performance to continue, especially in the absence of any Federal progress," adding that he’s optimistic that rescheduling cannabis will reignite growth in U.S. cannabis.
Poseidon was the first fund to recognize the potential of some of the largest companies in the industry. For example, it invested in cannabis operator Aphria, which was later bought by Tilray Brands (NASDAQ:TLRY). Then there’s CBD drug company GW Pharmaceuticals, which developed and produced Epidiolex, the only FDA-approved prescription CBD treatment for severe forms of epilepsy. GW Pharma was acquired by Jazz Pharmaceuticals (NASDAQ:JAZZ). Other big marijuana players include Headset, FlowHub and Ascend Wellness (OTCQX:AAWH).
Luminous Capital
Darwin identifies investments, guides debt and equity investment strategies and manages portfolio companies. He brings extensive experience from his roles in the cannabis industry and private equity. Darwin co-founded One Cannabis, a US-based cannabis dispensary franchisor and grew it from inception to vertically integrated operator with large-scale cultivation and branding strategies across multiple states. He guided the company to success amid the challenges in the industry.
He recently shared his enthusiasm about the struggling New York marijuana landscape, which will be another hot topic at the event.
In addition to financial health, is it innovation that investors are looking for in the cannabis space in 2024?
Learn from Darwin, who will share his experience in strategic guidance, comprehensive risk understanding and value-added investing.
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn, and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!
Photo: AI-Generated Image.
