Matthew Kind of CannaInsider welcomed back Leslie Bocskor, President at Electrum Partners and founding chairman of the Nevada Cannabis Industry Association, for an interview. Leslie, who is based in Nevada, is very positive on the developments with its medical cannabis program and believes that the state’s voters will likely pass legalization later this year, though he fears a fight from Sheldon Adelson. One of the reasons he is so enthusiastic about Nevada’s program is the state’s reciprocity law, which he suggests leads to up to 80% of dispensary patients coming from out-of-state, particularly California.
Leslie has seen dramatic changes in the industry over the past four years, with more sophistication and higher quality due diligence at the ArcView meetings he attends. He also cites the rapidly growing new entrants to the industry from professionals previously working in science, medicine, and marketing. He talked about a group formerly associated with UPS that is focused on logistics.
When it comes to Illinois and several other states, Bocskor sees it as a legacy of old regulatory policies that are too restrictive, though it is a step in the right direction. He is hopeful that other states will learn from these setbacks and that the states themselves will come up with better programs, just as other states, like Nevada, have done.
The interview covered a lot of other ground, with Leslie sharing advice for both entrepreneurs and investors. He believes that valuations are still reasonable in the private market, with the opportunity for “substantial” returns as the black market migrates to a regulated one. Finally, he shared his enthusiasm for the hemp market, which he characterizes as not as sexy as other aspects of the cannabis industry but a big opportunity to impact several other industries, like paper, textiles, plastics, biofuel, food products, chemicals and construction materials.
Bocskor predicts federal legalization of cannabis by 2021 and is enthusiastic about several state ballot initiatives later this year.
Key Takeaways:
1:28 – Leslie’s Background
3:08 – Evolving cannabis market in Nevada
5:31 – Will recreational use pass
6:53 – How the investors have changed since he got in the industry
9:48 – Leslie discusses Illinois’ emerging medical marijuana market
12:58 – Friction in the California small business market
18:15 – Leslie gives advice to entrepreneurs pitching to investors
24:07 – Leslie talks about how valuations have changed
28:14 – Leslie’s take on the hemp industry
29:41 – The legal cannabis market in three to five years
33:02 – Leslie’s favorite personal development books
34:11 – Contact information for Electrum Partners
Read the transcript or listen to the interview “Insight for Cannabis Entrepreneurs & Investors with Leslie Bocskor”: http://www.cannainsider.com/leslie-bocskor-cannabis-market/
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