On February 21, 2018, Greenspoon Marder, LLP, a national full-service law firm, hosted The Cannabis Private Investment Summit Florida (A Private Wealth Series) organized by Kahner Global. Over 120 cannabis professionals attended the summit, bringing together some of the most influential and highly regarded participants in the industry, high net-worth investors and prominent family offices . During the full-day event, 8 panels presented on a wide range of industry related topics, including the legal and regulatory landscape, key areas of interest relating to the Florida market, important medical benefits of Cannabis and overall investing in the cannabis market.. There was also a “pitch session” that provided cannabis related companies an opportunity to promote their businesses in front of high net worth investors. Qind, a direct selling platform for the in-home purchase and delivery of cannabis products, took the win after a challenging debate by the judges.
One of the recurring topics during the summit was the challenge of investing in and operating a state-legal cannabis business given the current federal climate. Cannabis remains illegal at the federal level and Attorney General Jeff Sessions recently rescinded guidance established under the Obama Administration that took a hands-off approach to cannabis businesses complying with state law. Despite the moves, industry experts remain bullish on the future of cannabis. Gary S. Kaminsky, Chief Regulatory Office of MLH Holdings, LLC, a private equity firm that makes significant investments in the cannabis space, pointed out that the AG’s actions really did not change any law as the Cole Memo was advisory in nature. Mr. Kaminsky stressed that industry participants that establish robust regulatory enterprise risk management infrastructure in their investing and operating entities to ensure adherence to relevant laws can successfully navigate the legal arbitrage that is cannabis investing.”
Saphira Galoob, principal of The LiasonGroup, a lobbying firm that focuses on the cannabis industry, highlighted the federal bipartisan efforts underway to protect the cannabis industry. From an investment standpoint, many believe that the differences between state and federal law have provided opportunities for companies to gain market share before tobacco, alcohol, and pharmaceutical companies enter. Panelists – composed of industry experts and investors – highlighted the need for appropriate education and accurate information to be able to make proper investment decisions. “Business and law are inextricably intertwined in the cannabis industry. In order to understand the investment opportunities, one must also understand the unique legal issues affecting the industry,” said Matthew Ginder, Senior Counsel for Greenspoon Marder, LLP.
“The summit provided an opportunity for investors to learn and understand the nature of the cannabis industry from leaders of the industry,” said Noa Kahner, principal of Kahner Global who organized the event. As the cannabis industry continues its rapid growth, both domestically and abroad, it has attracted the interest of many new investors. The Cannabis Private Investment Summit is a leader in the family office and private wealth community. And while there remains a vocal minority of people that are against the legalization of cannabis, polling suggests that public support for legalization continues to rise. More states are expected to legalize some form of cannabis in the near future, thereby creating more businesses, jobs, tax revenue, and investment opportunities.
If you missed out on this year's summit, make sure to join the 3rd annual Cannabis Private Investment Summit West taking place on May 2nd at The Peninsula Hotel in Beverly Hills, CA. We invite you to contact email@example.com or visit www.cannabrunch.net to get involves either as an investor or presenter.