Source: By Jacqui Heinrich. CREATED Nov 11, 2014
Las Vegas, NV (KTNV) — More than 200 high net-worth investors have descended upon Las Vegas to hear pitches for marijuana companies hopeful to cash in.
The Marijuana Shark Tank is going on at Green Valley Ranch.
The investors from around the globe heard pitch after pitch on Tuesday from marijuana companies hoping to rake in some green as they grow their budding businesses.
“If you look around this room you see everything from cannabis cultivators to cannabis retailers, people who are developing extract machinery, people who are developing software platforms, people who are launching hedge funds to invest into the industry,” said Steve Deangelo, President of ArcView Group.
Those doling out the dollars say having the Shark Tank forum is the best way to compare options and generate the highest returns on investments without having to meet with businesses on an individual basis across the country and internationally.
“While we had to travel from San Francisco to come to Las Vegas, it’s totally worth it because we’re making a big impact here,” said Emily Paxhia with Poseidon Asset Management.
Some of the big dollar investments went to companies from expanded marijuana markets.
“We’ve done a lighting company out of Europe, we’re doing an energy efficiency climate control system out of Colorado,” said Paxhia.
But Nevada doesn’t get left out of the equation. With the burgeoning industry now building its medical marijuana sale infrastructure, local and global investors are looking at companies that will be based in Las Vegas.
“I think it can easily be a billion-dollar a year industry in Nevada. I think it will be that gigantic employer,” said Leslie Bocskor, local investor.
Since the local market isn’t yet saturated, investors say this is the best time to put their dollars down for the largest possible impact.
“Gaming experience, the tourism, the business-friendly regulatory framework that is the best in the country. You see the size of the potential market because of tourism. I am likely taking some positions based on what I’m seeing today,” said Bocskor.
This is the second forum ArcView has held in Las Vegas this year and they say they keep coming back because the potential for growth in this market they just can’t pass up.
Article source: http://www.jrn.com/ktnv/news/Investors-flock-to-Las-Vegas-to-hear-pitches-from-marijuana-companies-282353481.html