SAFE Act Not Passing In Congress Was ‘A Bit Of A Momentum Killer’ For Cannabis Investing, Says Poseidon’s Patrick Rea

June 24, 2023 · Benzinga

In a recent episode of Benzinga’s Cannabis Insider, a renowned platform for insights on the cannabis industry, co-hosts Javier Hasse and Elliot Lane had an enlightening conversation with Patrick Rea of Poseidon Investment Management. Poseidon is a key player in the cannabis sector, committed to investing in promising private cannabis companies.

According to Rea, Poseidon is currently monitoring about 50 private investment funds that focus on cannabis businesses, with half of them being active. Starting from the second week of January, Rea embarked on a mission to understand the industry’s climate after the SAFE Act, a crucial cannabis-related legislation, failed to pass in Congress.

“The SAFE Act not passing changed, again, part of the calculus of investing in cannabis, it was a bit of a momentum killer when it failed to pass,” explained Rea. This statement indicates that the cannabis industry has had to reevaluate its strategies and outlook, bearing the implications of the unsuccessful legislation.

Rea also revealed that he has been communicating with other fund managers to gauge their expectations and investment activity in the current scenario. The unanswered question that remains: is there any deal flow?

The candid conversation, filled with industry insights, throws light on the dynamism and resilience of the cannabis investment world, even in times of legislative uncertainty. But, what does this mean for the future of cannabis investments? And, what can industry stakeholders anticipate in the coming times?

For those intrigued by these questions, the complete dialogue with Patrick Rea offers more in-depth discussion on the present landscape of cannabis investments and its potential trajectory. Catch the full episode of Benzinga’s Cannabis Insider on YouTube for a comprehensive view of this insightful discussion. (Full Story)

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