8 March 2017
CANNABIS INVESTMENT NETWORK LAUNCHES IN SEATTLE
New Consortium Links Accredited Investors with Cannabis Companies
Seeking Growth Capital; First Pitch Event Scheduled for March 22, 2017
SEATTLE, WA, March 8, 2017: A new venture connecting accredited investors with legal cannabis companies seeking growth capital has been launched in Seattle. The Cannabis Investment Network—co-founded by Ed Harris, CEO of Harris Northwest Advisors (HNA), a boutique investment banking firm; and Dante Jones, a cannabis industry entrepreneur and co-founder of business accelerator Jaguaring, Inc.—leverages growing public acceptance of cannabis and the business opportunities resulting from voter-approved legalization of recreational and/or medical use in more than half of all U.S. states.
“The legal cannabis industry, currently a $7 billion market, is projected to grow to over $50 billion within the next ten years,” said Harris. “The Seattle business community has a great tradition of encouraging and supporting growth companies through angel investor networks. With Washington State as one of the pioneers in the national cannabis legalization movement, we view Seattle as a great place to launch this new venture.”
The Network will hold its first meeting and pitch event on Wednesday, March 22, 2017 from 5:00-6:30p.m. at the downtown Seattle offices of Lane Powell PC, which is hosting and sponsoring the group’s inaugural event. “The cannabis industry has earned a legitimate place in the finance and investment markets,” said Lewis Horowitz, co-chair of Lane Powell’s Cannabis Practice Group. “We believe the industry is poised for extraordinary growth, and we look forward to helping to make that happen. One way to do that is to connect the innovators and entrepreneurs with each other and the financing market.”
Headquartered in Seattle with a geographic focus on Northwest-based companies, the Cannabis Investment Network offers a platform for cannabis businesses seeking growth capital to present to accredited investors interested in participating in the industry. The March 22nd event will feature presentations by a range of licensed (regulated) cannabis companies, as well as investment opportunities with ancillary businesses involved in manufacturing, cultivation, technology, and other cannabis-related products and services.
The Network is sourcing companies seeking to raise from $500,000 to $2 million in capital, and anticipates holding investment pitch events on at least a quarterly basis.
“Providing capital access to cannabis companies is akin to providing a spark to dry wood,” said Jones, who has incubated six successful cannabis startups since 2011. “Access to funding is the top deficit for all but a small handful of cannabis companies, and our goal is to provide a gateway to connect investors with this emerging class of entrepreneurs.”
“I view cannabis as an exceptional ground-floor investment opportunity,” said Mark L. Bonyhadi, PhD, a founding Cannabis Investment Network Advisory Board Member. “The shift in public opinion of legal marijuana, and the number of states that are benefitting from these new revenue and tax streams, is unprecedented. I believe the return on early stage investments has significant potential.”
For more information, please visit the Cannabis Investment Network website.