A Deep Dive Into The State Of Cannabis Fundraising (And 5 Emerging Companies To Keep An Eye On)

By Poseidon Asset Management.

A few weeks ago, Poseidon held its first-ever virtual GreenShoots(™) pitch forum. The brought together 80 accredited investors to preview five hand-picked cannabis companies chosen by our team to represent areas of opportunity in the industry.

The primary goal of the was to connect investor attendees with real, vetted deals. During the application process and event itself, our team identified a number of important trends. Below is our breakdown and takeaways from our cannabis-specific pitch event.

Setting the Stage — about the event:

Over 60 companies applied to present their businesses to the GreenShoots Pitch Forum investor attendees. We received a wide range of applications including, but not limited to, licensed cannabis, ancillary and hemp verticals across all stages of development, with some represented more than others.

THC- containing brands and ancillary software technologies were the most represented in the applicant group. By contrast, vertically integrated licensed cannabis companies and licensed cannabis dispensaries were the least represented.

The five companies chosen to present at GreenShoots included:

  • Batchbud — Software company/ERP (enterprise resource planning) system focused on supporting small infused product manufacturers to scale quickly and cost effectively.
  • Drop Delivery — Delivery technology platform for retailers offering inventory management, driver dispatch, robust marketing tools, digital loyalty programs and a customized e-commerce mobile app.
  • Uprise — Licensed cannabis operation focused on environmental and social responsibility and product consistency in MI and IL
  • Barbari — National cannabis brand based in Portland, Oregon providing low dose cannabis solutions through THC, CBD, and botanical product lines.
  • Bloom Network — CA-based network of cultivators, manufacturers, distributors, and retailers across the cannabis-supply chain

Each company presented a 3 minute pitch, followed by an 8-minute Q&A with judges Emily Paxhia of Poseidon, Andres Navia of Poseidon, Javier Hasse of Benzinga and El Planteo, Andrew Albert of TVC Capital and Gavin O’Reilly of Cowen.

The judges rated each company, selecting Drop Delivery as the winning company. As a prize, the team won 1 hour of consulting time from each judge, 3 months of membership in the Poseidon Mastermind program and a spot to pitch their business on the Money Stage during MJUnpacked in Las Vegas October 21–22.

On the investor side, more than 80 accredited investors registered to attend the event, representing a range of angels, family offices and VC firms. Investors were engaged …

Full story available on Benzinga.com

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