Philly Tech Week held its first cannabis industry conference this past weekend, hosted by Greenhouse Ventures, a cannabis startup accelerator based in the Northeast. The Innovation in the Cannabis Industry conference brought leaders in cannabis technology, investing and medical research to discuss the changing landscape of the cannabis marketplace in the Northeast.
Kicking off the event, Tyler Dautrich, co-founder of Greenhouse Ventures, welcomed attendees to the first ever Philadelphia cannabis conference. The initial panel of the day reviewed investment trends and included Scott Greiper, president & founding partner of Viridian Capital Advisors, Marc J. Ross, Esq., founding partner of Sichenzia Ross Friedman Ference LLP, Jim Fitzpatrick, advisory board member at Kodiak Capital Group and John Kagia, director of industry analytics at New Frontier Data Analytics. The panel, moderated by Kevin Provost, co-founder of Greenhouse Ventures, examined various financial trends in the marketplace, roadblocks to raising capital for startups and emerging markets.
John Kagia of New Frontier provided useful tools in comparing cultivation models as well as industry projections. “It [the legal cannabis market] has largely been dominated by the West Coast,” said Kagia. “The East Coast is very well poised for success.” Scott Greiper, president of Viridian Capital, discussed his top performing markets. “Biotech is definitely the top performing category and a close second is cultivation and retail –production and sale is at the root of every industry,” said Greiper. “At its core, cannabis is an agricultural commodity.” He went on to list infused products as the third top performing market, noting that edibles account for over half of retail sales.
In looking at emerging markets, Leslie Bocksor, president and founder of Electrum Partners, echoed Scott Greiper’s advice for new businesses to stay grounded in the numbers and operations. “Stay focused on solid, tangible data,” Bocksor said. The two also shared a similar view in opportunities in hemp. “Hemp is a very underserved niche and there are ample opportunities for new businesses,” said Bocksor.
State Senator Daylin Leach (D- Montgomery/Delaware), co-sponsor of the bill for Pennsylvania’s medical cannabis legalization, delivered the keynote address. He lauded the bill, mentioning that patient advocates were instrumental in swaying the legislature. “This is the most important piece of legislation for PA in thirty years,” said Leach. “I have always believed in moving this bill forward and very recently, we passed it with a huge bipartisan majority.” Attendees gave Senator Leach a standing ovation in response to his positive outlook on Pennsylvania’s future with cannabis. “This will be a huge new industry and medical technology is vital to moving it forward.”
In the afternoon, a panel on medical technology discussed the need for more comprehensive diagnostic tools and crowd-sourced data for treatment with cannabis. David Goldstein, chief executive officer and founder of PotBotics, expressed concerns over bringing consistency to patients. “We need to understand how cannabinoids are affecting patients,” said Goldstein. “We want patients to feel confident in their medication.”
The conference closed with a panel of physicians discussing their clinical experience with recommending cannabis and the gaps in medical research. Among them, Dr. Scott Gottlieb, board-certified anesthesiologist and pain management specialist from Pearl River, New York, discussed some of his experience in recommending cannabis in treating neuropathic pain. The closing panel emphasized the need to educate more physicians and some of the obstacles to physicians recommending cannabis. The conference highlighted the Northeast as a quickly emerging cannabis market ripe with business opportunity.
