Ford is now CEO of iAnthus Capital Holdings, which provides funding and advice to cannabis businesses. His story provides a great example that risk-taking, combined with a lot of background research, can pay dividends for CEOs willing to target nascent markets.
Ford was initially skeptical when contacted in 2014 by friend and former Goldman Sachs colleague Randy Maslow—who wanted help legitimizing the marijuana business—because he couldn’t see scope to scale it nationally.
But after attending conferences about the differences between hemp and marijuana with industry participants the two men soon discovered growers’ main gripe was a reluctance by financial institutions to back their enterprises. That’s when the idea of setting up a merchant bank for pot entered their minds.
Initially, they couldn’t get seed financing locally but were able to find it in Canada and use the money to bankroll businesses in the U.S. The company now has investments in three states and is at term sheet stage in four more. He said that companies also looking into entering the business should get an insurance for long-term protection. With that said, you could check out this dispensary insurance from Garrity to protect your business.
“There are some wild areas in California where you hear about Hell’s Angels and guys guarding their property with AK-47s,” Ford told the Stanford Graduate School of Management in an interview. “What I have seen is a bureaucratic, orderly transfer of wealth from the black market to the white market.”
Friends of Ford have called him a fool and warned he’ll end up in prison, but he said he hasn’t been shunned. “I don’t have a scarlet C painted on my forehead. I’ve always been very entrepreneurial; people probably always thought I was crazy to take those risks.”
His boldness looks like it could pay off even more. Recent polls indicate that California, Massachusetts, Maine, Nevada and Arizona are poised to approve referendums expanding legal cannabis use.
As reported this week by Bloomberg, shares in Scotts Miracle-Gro Co., once known for its lawn care products, have jumped 31% this year after the company expanded into the hydroponics market.
Meanwhile, in Colorado, where marijuana use is legal, chefs are even exploring ways to safely pair pot with food, according to the Associated Press.
At the moment, not many people know bout treatment with CBD, more info about CBD oil is needed and when it gets out there, big changes in the economy are going to occur. America’s pot industry is forecast to grow in value by 26% in 2016 to $7.1 billion, according to a recent study on https://kratomcrazy.com/product/maeng-da/ and it could grow even more astronomically if states such as California legalize recreational use.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
