NORTH BAY BUSINESS JOURNAL December 14, 2016, Santa Rosa CA
A Sausalito-based group announced the launch of an investment group to pair investors with cannabis-centered startups.
CannaAngels LLC founder and CEO Sherri Haskell said in the announcement that the cannabis industry is forecast to grow to $50 billion in the next decade. California voters last month approved adult use of cannabis. Regulations are being written at the state and local level to launch retail sales in 2018.
“Thanks to voters, more than half the states in the country now have some form of cannabis legalization in place. The tipping point is upon us,” stated Haskell. “We see this as a most opportune time for investors curious about this industry to dive in. A looming challenge is that investors may not know the players or whom to trust in the industry, and at the same time cannabis entrepreneurs need reliable funding which has been difficult to access due to prohibition. Our focus at Canna Angels is to bridge this gap.”
The announcement states the group has identified multiple areas of interest such as agriculture technologies, genetics, bio-science and medical applications, real estate and lab/data analytics. Its announcement stated the group will provide startup founders with services ranging from deal structure and pitch development to marketing and mentorship.
The group was formed this year, it stated.