Cannabis-related companies in Alaska, Oregon and Washington seeking capital may find some investors through the Cannabis Investment Network, an organization launching this week that aims to connect marijuana firms with financial backers.
Cannabis Investment Network (CIN) is hoping to serve smaller-scale firms that are looking to raise from $500,000 to $3 million, according to a news release. The self-described “angel group” will function more as a conduit to connect investors with potential investments, instead of raising and deploying capital itself.
A spokeswoman said CIN welcomes all comers in the cannabis space, including both plant-touching and ancillary firms, during the launch in Seattle on Wednesday.
“If you’re working in the legal cannabis world,” Cindy MacKenzie said, “we’re interested in hearing about what you’re doing.”
CIN is currently restricted to companies based in the Pacific Northwest but hopes to expand into other states.
MacKenzie said roughly 65 people, including several dozen accredited investors, are confirmed for Wednesday’s launch.
Those investors have not pledged any specific amount of capital, so raises will likely depend on how good entrepreneurs are at pitching their companies, CIN co-founder Ed Harris wrote in an email. Harris said he hopes to eventually “see $5 million-$10 million flowing annually to our participating companies from the Pacific Northwest.”