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One of the greatest risks to the cannabis industry is not the legalization of marijuana but the billions of dollars of undeposited cash floating around in the economy. On March 5, 2016, panelists at the California Cannabis Business Expo will be leading a discussion on “The New Frontier of Banking in the Cannabis Industry,” addressing how to build the necessary coalitions within the regulatory and banking sectors to appropriately manage risk. The members of this panel come from diverse backgrounds, yet all have priceless insight into the new frontier of banking.
Mark Goldfogel was an original founder of MJ Freeway, the cannabis industry’s first “Seed to Sale” point of sale system and then went on to become CEO and co-founder of C4EverSystems, the industry’s first cash management system. Goldfogel is currently EVP Industry Relations for The Fourth Corner Credit Union, the first state chartered institution whose field of membership includes people and businesses with a common interest in cannabis and hemp. The credit union is currently in a lawsuit demanding equal access to the payment system for cannabis supporters.
Lynn Brewer, the Executive Vice President of Derivatives for Frontier Financials Group—the big data authority in the cannabis space and author of four books on the subject of GRC (governance, risk and compliance)—will be joining Goldfogel. Brewer serves as an advisor to the newly formed International Cannabis Standards Board and is currently working on her fifth book, “The Great Green Rush: Hedging Risks in the Emerging Market of Cannabis.” Brewer and Goldfogel will also be joined by Matt Gediman, the Senior Vice President for Business Banking at U.S. Bank who is also an advisor to the International Cannabis Standards Board. Gediman provides oversight for the development of financial standards for the cannabis industry.
Mitchell Baruchowitz, senior managing director and head of investment banking at Cavu Securities, will round out the panel. Baruchowitz is a founder and partner of Greenfield Capital, a cannabis-focused infrastructure private equity fund whose founding investment is BioTrackTHC. He is the founder of Theraplant in Connecticut, Leafline Labs in Minnesota and BBMC in Nevada, as well as a founding member of Peak Harvest Health, a medical cannabis license applicant in Maryland. Baruchowitz has acted as an investment banker for GrowGeneration, a chain of hydroponic retail stores, as well as a strategic advisor for AnnaBis, a maker of stylish odor-proof women’s handbags.
The California Cannabis Business Expo follows MJIC Media’s inaugural event, the Marijuana Investor Summit in Denver in April 2014, which drew more than 1,000 people and 100 exhibitors. On March 3-5, the California Cannabis Business Expo in San Francisco will present a unique opportunity for you to learn about the state of cannabis in California from those shaping the legal landscape.
Tickets to the California Cannabis Business Expo in San Francisco can be purchased online.