In a press release today, the ArcView Network of investors said that it had earmarked at least $1 million dollars for five separate startups in the industry. They include Uptoke, Rodawg, WeCanna, Canna Security America and Apeks.
At the top of the Columbia Tower, the tallest building west of the Mississippi, over 50 high net-worth private investors heard pitches from over twelve companies wishing to enter the newly legalized marijuana industry. When all was said and done, five companies received at least $1 million in commitments—and the movement to pass more marijuana legalization laws got a $100,000 boost through educational and political donations.
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As negotiations between investors and individual companies begin in earnest its expected that a number of companies will receive more than the promised one million dollars. Each company brings a different specialty to investors.
Uptoke – is a portable vaporizer company, Rodawg – a cannabis packaging and lifestyle brand, WeCanna – a rewards-based crowdfunding platform for the new hemp and cannabis industry, Canna Security America – a company that provides security solutions for the legal cannabis industry, and Apeks – a company that sells high tech machines used to create cannabis concentrates.
“Angel investors have always led the way for the investment community. It was angel investors who brought us everything from automobiles and airplanes to personal computers,” said ArcView cofounder and investor Steve DeAngelo . “Today a new generation of angels—cannabis angels—stood up to make their own contributions to improving modern American life.”
There is something invariably cool about “cannabis angels,” I’ve met a few in my life.
“This was my first ArcView meeting, and I was so impressed by the caliber of the entrepreneurs, as well as the investors, that I am already committed to co-investing in at least one company and am evaluating investments in a few others. I am thrilled to be finding viable investments on the ground floor of a new industry that is also making the world a freer and safer place,” said Sean Trigony.
The ArcView Group was founded in 2010 by Troy Dayton and visionary cannabis advocate and entrepreneur Steve DeAngelo and is based in the heart of the tech start-up world in San Francisco. Its next “Shark Tank(esq)” meeting will come to New York City in mid-June.