Article by Philip Lee-Shanok, CBC News
Dozens of companies hoping to cash in on the ‘green rush’ expected when Canada legalizes recreational marijuana have a chance to enter a high pressure pitch competition in Toronto for those looking to score new money.
Over the next two days, the Arcview Group, which represents hundreds of angel investors, will entertain big ideas from pot entrepreneurs looking for seed capital at a downtown hotel.
“It’s tough a competition,” says Troy Dayton, chief executive of the California-based cannabis investment firm.
“There is so much opportunity in the cannabis market. Whether it’s in agriculture or software systems, new consumption devices and marketing, there is endless opportunity in this space.”
And it’s not just marijuana producers looking for investment. Possible spin-off industries include grow light manufacturers, fertilizer makers, pipes and vaporizers manufacturers and other lifestyle products.
The company has hosted similar pitch sessions in U.S. cities, but it’s only the second time the “Arc Tank” — a reference to the American show Shark Tank — will be held in Toronto.
Last year, Tokyo Smoke won the first Canadian Arcview Pitch Competition. The Toronto-based lifestyle brand seeks to bring the same emotionally charged marketing strategy that coffee companies like Starbucks use to cannabis.