New cannabis accelerator plans shake-up of cannabis industry funding
SACRAMENTO, CALIFORNIA, UNITED STATES, September 23, 2021 /EINPresswire.com/ — Cannabis legalization is imminent in major global markets, with more than 32 countries implementing some form of legalization in recent years. In the U.S., where cannabis remains illegal at the federal level, nearly 45% of adults live in a jurisdiction where recreational cannabis use is legal. An overwhelming majority of American adults, 91% think that cannabis should be legalized for either adult or medical use, according to Senate Majority Leader Chuck Schumer's recently released discussion draft of a bill to decriminalize the drug.
Changing attitudes toward cannabis is no doubt a factor in market growth and upward consumer trends. Industry consultancy New Frontier Data reports that in the U.S., legal cannabis sales are poised to surpass the USD $50 billion mark in 2025. The consultancy also estimates that there are over 268 million cannabis consumers globally – a growing base of users who could help advance social acceptance and normalization of cannabis use. The global legal cannabis market is expected to reach USD $70.6 billion by 2028, expanding at a CAGR of 26.7% from 2021 to 2028. However, despite the massive opportunities for emerging cannabis-related companies to scale, a major issue in the industry is slowing growth: funding.
Many traditional lenders stay away from offering services to cannabis companies because they are deemed high risk. As a result, viable cannabis industry participants are left without the financial support that a typical retail business would usually receive. Subsequently it’s difficult to prove credibility without relevant regulations and financial tracking in place.
This is where the Cocannco team comes in. Cocannco Inc., an accelerator exclusively focused on cannabis, intends to provide funding and access to a comprehensive business network. Run by a team of industry insiders with banking, compliance, and operations backgrounds, Cocannco funds and develops scalable cannabis companies across the value chain.
“When people invest in Cocannco they’re investing in the disruption of an expanding multi-billion-dollar market,” said Don Clark, COO of the company. “We believe everyone deserves access to one of the fastest-growing industries in the world. Through our platform, we hope to provide a pathway for them to own it.”
Rich Thomas, Chief Executive Officer
Rich Thomas brings a wealth of experience in designing, developing, and distributing lifestyle brands. After founding alcoholic spirits company Jewel Lines Products, Thomas helped to develop and launch the Beats by Dr. Dre product line for Monster Cable Products Inc. He is also the CEO of Green Cures & Botanical Distribution, Inc. where he leads the wholesale and retail of hemp and CBD-infused nutritional, sports, alcoholic spirits, and body care products.
Don Clark, Chief Operating Officer
With over 45 years of experience in commercial and residential mortgages, lending compliance and private lender licensing, Don Clark understands mortgage banking and financing end-to-end. As CEO of Clearly California Products, he has led the company’s singular focus on distributing high-quality products in California through licensing agreements.
Evan Clark, Secretary and Treasurer
Evan Clark is the founder and creative director of Spectrum Experience LLC, a full-service communications firm that crafts innovative strategies for companies, causes, and campaigns dedicated to changing the world. With an extensive background in creative marketing and political advocacy, Clark began consulting for Green Cures & Botanicals Distribution, Inc. in 2019 and now advises multiple cannabis brands on strategy development.
As the legal cannabis industry grows, Cocannco offers its portfolio companies unparalleled support in navigating the evolving space, and investors an opportunity to buy in at the ground level. “By 2024 cannabis businesses in the U.S. are estimated to grow to USD $130 billion annually,” Thomas added. “We know that early investors who find the most scalable and intriguing companies will own a piece of that future wealth.” Cocannco already has definitive agreements in place to leverage strategic partnerships in the U.S., like in California, the country’s largest cannabis economy at USD $3.5 billion.
About Cocannco Inc.
Cocannco is a cannabis business accelerator that actively seeks to fund scalable companies that have the potential to lead the market. With an initial focus on California and an eye on national expansion, Cocannco’s team of industry experts in banking and compliance are committed to building high-quality brands that can meet rising cannabis consumer demands in North American markets.
For more information visit: http://www.cocannco.com
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Cocannco does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Cocannco and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.
Source: EIN Presswire