Cannabis is one of the fastest growing markets in the United States, employing thousands of workers and generating billions of dollars in sales revenue. Nevertheless, federal law still considers the industry an illicit market, making it difficult for even the most successful of cannabis brands to raise money. One of the ways the cannabis industry has adapted to this frustrating reality is through Shark Tank-style pitch events where companies pitch their brand to interested investors.
One such event is Retail Alchemy. Hosted by the cannabis-focused brokerage firm Cannabis10x, the event offers to open their “inner sanctum of investors” to a host of cannabis brands hoping to secure critical funding and win the ever-coveted Cannabis Crown.
The pitch contest will take place in two stage. The first event, scheduled to take place on September 16,2020, will feature 40 cannabis brands, selected by Cannbis10x founders Jason Tropf and Holly A. Ford, who will have two minutes to make their pitch to judges. From there, the Top 15 brands selected by the judges will go on to the finals, scheduled to take place on September 26, 2020.
In addition to high net-worth investors and hungry cannabis brands, Retail Alchemy will feature cannabis legend Cheechr Marin, who will deliver the keynote address along with Tropf and Ford. While any event featuring Marin promises to include his signature style of comedy, Tropf says that events will deliver more than just laughs.
“Pitch events like Retail Alchemy are always a lot of fun, but there’s more to it than that,” says Tropf. “The cannabis industry has an unprecedented opportunity to empower the public and raise our collective consciousness, and that’s something we take seriously.”
Tropf goes on to say he expects Retail Alchemy to carry on the success that previous events organized by Cannabis10X has enjoyed. Earlier this summer, Cannabis10x hosted another pitch event which attracted a collection of investors worth a collective trillion dollars and an international audience spanning 14 countries.