COLORADO: With the U.S. legal marijuana market forecast to grow to $2.6 billion this year, investors in Denver heard pitches from companies developing everything from a mobile application that matches potential users with cannabis dispensaries to motorized scissors for trimming plants.
Three times as many investors listened to business plans for 11 marijuana start-ups yesterday as attended a similar event in the Mile High City in September, before Colorado became the only state to allow retail sales of pot.
About 250 angel investors from New York to Seattle gathered at the Denver Center for the Performing Arts for a conference organized by San Francisco-based ArcView Group. The network hosted 75 investors at a similar meeting at the Denver Athletic Club nine months ago.
“The challenge is there is a lot of capital looking to be deployed, but in many cases investors are trying to find the right thing to invest in,” said Troy Dayton, ArcView’s chief executive officer.