Proud to Work in Cannabis Feat. Emily and Morgan Paxhia
In this week’s episode of Proud to Work in Cannabis, Karson sits down with Emily Paxhia and Morgan Paxhia, co-founders of Poseidon Investments, to discuss the recent collapse of Silicon Valley Bank (SVB) and the impact it could have on the cannabis industry.
The episode's title, "SVB Could Take a Lesson from the Cannabis Industry," hints at the valuable lessons that the cannabis industry could teach the banking giant. Emily and Morgan point out the mistakes made by SVB's leadership, including taking on too much risk and mismanagement of resources. The collapse of SVB has raised concerns among cannabis businesses that rely primarily on venture capital funding, and the co-founders discuss the challenges that the industry faces in finding creative solutions to banking as more regional banks could potentially be at risk.
Morgan also touches on the changing financial and banking landscape in the United States, and why he believes that the SAFE Banking Act is basically dead for the cannabis industry. The co-founders provide some advice for businesses who are servicing high risk customers, including rating their portfolio based on risk assessment, monitoring AR, and reinvesting their money and efforts from less profitable markets to more profitable ones.
This episode is a must-listen for anyone interested in the cannabis industry and the challenges it faces in the financial and banking sectors. Tune in to learn how the collapse of SVB could affect the industry and what steps cannabis businesses can take to mitigate the risks associated with high risk customers.
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