Highlights from the Cannabis & Psychedelics Investment Summit in New York City, October 25, 2022
Erin Roche, Candy & Flowers
Kahner Global's Cannabis & Psychedelics Investment Summit Series is the leading and longest-running investor education conference on cannabis and psychedelics. We were thrilled to bring the conference back to NYC this year for our sixth annual event. Hosted at the exclusive Club 101 on Park Avenue, the event was sponsored by some of the leading companies in the cannabis and psychedelics space and attracted a room full of investors.
The day kicked off with breakfast and then opening remarks from Noa Kahner, CEO of Kahner Global, and Jenny Joslin, Co-Founder of High Herstory. The first panel was a fireside chat moderated by Gia Morón, President of Women Grow, and featured Tremaine Wright, Chair of New York’s Cannabis Control Board, and Andrew Cooper, Chair, Cannabis & Psychedelics Practice Group, Falcon Rappaport & Berkman PLLC.
The panel gave an update on federal and state policy reform, specifically what’s going on in New York’s adult use market. Wright summed it up by saying, “it’s a work in progress,” and announced that once they set full regulations, which they anticipate by the end of this year, they will be opening up the full
market in 2023. Wright added that New York is learning lessons from other states and borrowing some of what has worked. She added, “I’m hopeful that the regulations created for New York help people live out their dreams.”
The next panel was about Trends in the M&A Landscape with Chris Walsh, CEO of MJBiz moderating. Panelists included Mike Goral, National Cannabis Partner in Charge, Armanino LLP, Scott Hammon, Assurance Partner & National Cannabis Practice Leader, MGO and Michael Weiner from Dorsey & Whitney. The panel commented that we’ve seen a lowering in deal volume this past year and while there is still a lot of securities work, there’s a lot less M&A work as the Western half of the country faces challenges and skepticism “like we’ve never seen in this industry.
”Some of the forces at play are company stocks being down, flat revenue and expected valuations being harder to get. While the panel projected that 2023 will continue to be tough for operators, the good news, according to Hammon is that “there are tremendous opportunities in M&A right now if you have capital.”
Samantha Gleit, Partner, Feuerstein Kulick interviewed Rob Sechrist, President, Pelorus Equity Group to discuss REITs, debt and lending for the cannabis sector. We then moved into the investor pitch session where five companies pitched for seven minutes each to a star-studded panel of judges followed by Q&A. Bridge City Collective, Djot, nue.life, Poplar and Wunder gave compelling pitches.