Delta, Kelowna, BC – July 28, 2021 (Investorideas.com Newswire) www.Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks and its potcast site, www.potcasts.ca release today’s podcast edition of cannabis news and stocks to watch plus insight from thought leaders and experts.
Listen to the podcast:
Investor Ideas Potcasts #590, Cannabis News and Stocks on the Move; Interview with Managing Director of Poseidon Asset Management
Today’s podcast overview/transcript:
Good afternoon and welcome to another episode of Investorideas.com “Potcast” featuring cannabis news, stocks to watch as well as insights from thought leaders and experts.
In today’s podcast Investorideas interviews Patrick Rea, the Managing Director of Poseidon Asset Management, where we discussed the changes in the cannabis investment landscape since Poseidon’s inception in 2013, what sectors are seeing the most growth in today’s market and what trends are on the horizon for the cannabis industry in the U.S.
Poseidon is a leading investor in the legal cannabis and hemp industries with $190 million in AUM. Active cannabis investors since 2013, Poseidon was founded by siblings Emily & Morgan Paxhia and the team has collectively raised seven cannabis-specific funds and deployed capital into nearly 200 businesses across various stages and verticals globally. Now in the seventh year of conducting due diligence, deploying capital, and serving on multiple company Board of Directors, the team is considered a leader in the cannabis industry. This recognition, in conjunction with Poseidon being a first mover in the cannabis investment space, has led to a level of trust with industry insiders.
Since its inception Poseido has since launched two follow up funds, now launching their third fund, Poseidon Garden Ventures Rea commented, “When we started the third fund, which we are working on now, with fresh eyes we took a look at the industry and the opportunities for a private venture capital fund, and we decided, for a number of reasons, that focussing on the late seed stage companies in the cannabis industry, the one’s right before Series A, were the ones that had the greatest promise.”
Poseidon announced on Monday its first three Poseidon Garden Ventures investments into licensed operator JKL2, cultivation technology company Adaviv, and dispensary technology provider Dispense.
As part of the investment, Poseidon will join the Boards of all three companies as directors or observers.
“Poseidon Garden Venture’s thesis is to invest in pre-Series A licensed operators and cannabis technology companies founded by proven operators,” said Managing Director, Patrick Rea. “We see immense opportunity at this high-growth stage in the cannabis industry to actively scale these companies, leveraging our network and experiences investing in the cannabis industry since 2013, and position them for exits in today’s dynamic M&A environment.”
Led by cannabis industry veterans Chelsey Joseph and Jill Lamoureux, JKL2 Inc. is a strategic cultivation partner of WHT LBL LLC, a multi-state operator (MSO) focused on cultivation and processing based in Boulder, Colorado. JKL2’s new 10-acre cannabis cultivation facility, in partnership with Power REIT, is the start of a platform that will immediately add capacity, further securing the flower and trim supply chain and seizing on strategic expansion opportunities in the state.
“We have known the team at Poseidon for years and are excited to work with a firm with a proven track record of success,” said JKL2 CEO Chelsey Joseph. “Poseidon has critical insights into where the industry is going, and we are excited to get their support to build the next leading single state operator in Colorado.”
Dispense, founded by Kyla Sirni and Tim Officer, is a digital dispensary management platform designed with the changing priorities of MSOs and other operators in mind. The platform offers a suite of retail solutions including menu widgets, online ordering, pickup batching, full data control for the retailer, integrations, customer chat, analytics and staff management.
“Poseidon is as much of an investor as a strategic partner,” said Dispense co-founder & CEO, Kyla Sirni. “Their vast network will help us create new synergies and scale Dispense across the cannabis industry, putting the retailer first in every consumer experience.”
Born out of MIT, Adaviv’s cultivation cameras and software help cultivators manage plant health using AI, improving yields and reducing waste. Adaviv’s users have detected 7-10 times more plant health issues, increased yield consistency by 50% and driven yield improvements by over 20%.
Adaviv co-founder Ian Seiferling said, “Our vision is to make each plant count and every farmer the best farmer they can be. We knowPoseidon shares these same principles, bringing efficiency, operational excellence and sustainability to the industry through their portfolio companies, so we are excited to have them partner with us as we gain traction.”
When asked what strategies and ways of assessing market winners from losers he has learned over his years investing in the space, Patrick Rea commented, “It takes time. We want to be dealmakers not dealtakers. We go into these companies and start doing due diligence and see cap tables with hundreds of angel investors on there, and the angels are great for getting the business started, but they’re not gonna dig in necessarily all the time when it comes to problems in the financial modeling, interest coverage ratios, etc. There are real standard financial KPIs that we look at, we also do really deep interviews with the founders on strategy. It makes it hard for us, but if it was easy, and everybody was doing it, you may not get the returns that you expect from a high risk industry like cannabis. High risk should mean high return, but we are looking for the companies and the teams that have a very clear headed understanding of where they are in their process, a very clear understanding of the value, and hopefully ideally they have operating history from other ventures in the cannabis industry and we can vet those.”
Rea went on to discuss some of the areas of the industry he has witnessed the most success and the largest obstacles in over the past few years. Poseidon’s strategies moving forward as well as expectations for the U.S. market over the next few years.
For more information, visit https://www.poseidonassetmanagement.com/.
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