Greenwave Advisors Archives - Green Market Report

StaffStaffJuly 5, 2019
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4min10620

Matthew (Matt) Karnes has over 25 years of diverse finance and accounting experience. Prior to founding GreenWave Advisors LLC, Matt worked in equity research focusing on the Radio Broadcasting and Cable Television industries for First Union Securities. Matt also covered Satellite Communication at SG Cowen and in addition, worked with the top ranked Consumer Internet analyst at Bear Stearns & Co – this team was consistently recognized by the Institutional Investor’s “All America Research Team”.  As a sellside equity analyst, Matt authored and co-authored numerous emerging industry research reports including such names as Google, Sirius, XM Satellite Radio, DIRECTV and EchoStar Communications.

Matt was also Principal and Senior Equity Analyst at Bull Path Capital Management, a New York City based hedge fund, where he was responsible for investment strategies of emerging technologies primarily within the Technology, Media and Telecom sectors. Prior to his career on Wall Street, Matt held various finance and accounting positions at PriceWaterhouse Coopers and Deloitte as well as at Texaco Inc. where he worked throughout the U.S., Europe, The Caribbean and Asia. Additionally at Chase, Matt was responsible for implementing the bank’s corporate accounting policies on commodity, interest rate and foreign currency derivative products. Matt graduated from Fordham University with an MBA in finance and earned a B.S. Business Administration with a double major in accounting and finance from Miami University (OH). Matt is also a Certified Public Accountant.

 

GMR Executive Spotlight Q&A- 

Full birth name: Matthew Alan Karnes

Title: Founder

 Company: GreenWave Advisors (founded in 2014)

Years at current company: 5

Education profile:

Miami University – Oxford, OH: B.S.  Majors, Accounting and Finance

Fordham University – NewYork, NY: MBA International Finance

Certified Public Accountant – New York State

Most successful professional accomplishment before cannabis: There is not one single accomplishment that stands out as the “most successful”. I have had the privilege of working with the best and brightest throughout my career with a success story each step of the way.  Starting with my tenure as an auditor at a “Big Four” accounting firm to the experience gained as an equity analyst at a Bulge Bracket investment bank, there have been many accomplishments but realized  mostly through team work.

Company’s most successful achievement:   As the industry gets ready to explode, we have much more to accomplish. Given my background in accounting/auditing, as well  buyside and sellside equity research, GreenWave is uniquely positioned to provide unbiased, independent financial research and analysis. In this regard, and with 5 years now under our belt (GreenWave was founded in 2014),  we are better able to read between the lines, connect the dots and ask the probing questions. With so many uknowns that loom, we provide a differentiated service offering with our brand established as the “go to” resource for investors.  

Has the company raised any capital (yes or no): No 

Any plans on raising capital in the future? Not at the present time

Most important company 5 year goal: Stay tuned.


William SumnerWilliam SumnerSeptember 19, 2018
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4min11551

Will the world of banking ever catch up with the marijuana industry? That was one of the many questions asked and answered at the Green Market Summit, which took place on September 14, 2018. The culmination of these experts has led to the publication of The Economics of Cannabis Banking by the Green Market Report.

Starting off the summit was a discussion panel on the state of banking in the marijuana industry, moderated by Tahira Rehmatullah, Chief Financial Officer of MTech Acquisition Corp. The panel featured a distinguished collection of marijuana and financial experts, including Matt Karnes, Founder and Managing Partner of GreenWave Advisors, LLC; Tyler Beuerlein, Executive Vice President of Business Development at Hypur Inc.; and Andre Herrera Vice President of Banking & Compliance at Hypur Inc.

The discussion began with Herrera laying out how marijuana businesses are defined under the FinCen document BSA Expectations Regarding Marijuana-Related Businesses, explaining that there are three different tiers. The first tier involves operators that directly touch the cannabis plant, such as cultivators. The second tier is understood as businesses that provide ancillary services to the industry. The third tier provides professional services to the industry, such as real estate agents or software providers.

Quickly the panel turned its focus towards the landscape that many marijuana-related businesses face, and why many financial institutions are hesitant to work with the industry.

“This is a highly regulated, cash-intensive industry,” explained Beuerlein. “Not only is the financial institution’s charter on the line, but also the officers of a financial institution have personal liability when banking these industries.”

Beuerlein went on to emphasize the importance of transparency when it comes to marijuana-related businesses banking with financial institutions and how his company, Hypur Inc., helps increase that transparency through its technology platform.

The conversation then started to turn towards the future of marijuana-related banking and the future of companies like Hypur that help facilitate relationships between financial institutions and the marijuana industry. Karnes was positive about the future, stating that marijuana would be treated like any other business once prohibition is over; although he did note that there would still be a need for companies like Hypur, albeit to a lesser extent.

When asked about the idea of creating a financial institution solely for the purpose of banking with the marijuana industry, however, Karnes was less than optimistic.

“I don’t think it’s practical,” Karnes said. “If a new bank were to open up, by the time the costs were incurred, and everything was up and running, prohibition will probably be over. So, what’s the point?”

Bookending the discussion, Herrera presented a positive outlook for the future of marijuana-related banking regardless of whether prohibition is quickly ending, noting that conditions are drastically different from where they were several years ago.

“I see attitudes changing. About three years ago I was at a bank association conference and anytime I would mention marijuana it would be like crickets. You couldn’t get anyone to talk about it,” said Herrera. “About a year later, they asked me to speak at their event.”

Stay tuned to find out more about happened at the Green Market Summit, as the Green Market Report gives you an in-depth look at the event throughout the week. For a general recap of the event, please click here.



About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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