Delusional Confidence? Report from the Marijuana Investor Summit
“When we want to raise capital,” said Dooma Wendschuh, the 38-year-old co-founder of a cannabis company called ebbu, “I go up to someone and say, ‘Would you like to invest in my company? Here’s how it will work. One: you may go to prison for making this investment. Two: I may go to prison, and you might lose all your money. Three: Our minimum investment is $250,000. Sure you want to play ball?”
There was nervous laughter from the crowd. It was the first day of the first Marijuana Investor Summit in Denver, and Wendschuh was speaking on a key panel, “Raising Funds.”
More than 800 people from across the country had come to the Summit at the Crowne Plaza Hotel near the airport. It was a testosterone-fueled crowd, mostly white men in suits—entrepreneurs mixing with hedge fund managers and venture capitalists. But there were outliers: an Orthodox Jew, with a long white beard and tzitzit, whose family in Philadelphia wants to obtain the first license to grow medical marijuana in Pennsylvania; an African-American man who spent 17 years on Wall Street, then left to grow pot near Detroit; and a female doctor who wants to start a practice treating chronic diseases with cannabis.
All were convinced that the ongoing legalization of marijuana is creating an opportunity for people with a high tolerance for risk to make a killing.
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