Thu, Mar 28, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
New Managers January 2017

PROFILES - Poseidon Asset Management, Palkon Capital Management

 

Cannabis-focused hedge fund tackles great market growth potential

Cannabis is a growing market: its size in the US amounted to $6.7bn in 2015, and with the legalization of the commodity moving fast across the country, it is expected to reach $20bn by 2020. Very few fund managers have so far started investing in this market, but here is a brother-and-sister team that started looking into it as early as 2012.

Emily and Morgan Paxhia, who founded San Francisco-based Poseidon Asset Management in early 2014, talk to Opalesque about their cannabis-focused fund. Before Poseidon, Emily worked in product development for Fortune 500 companies for 15 years, and Morgan gathered more than 10 years of experience in the investment industry.

The US-domiciled fund's strategy is growth-oriented. It invests in fixed income and public and private equities, and has a strong focus on the technology basket.

Opalesque: Why a cannabis-focused fund? How did it all start?

Morgan Paxhia: What started this journey for us was, we unfortunately lost both of our parents to cancer years ago. They were against the war on drugs, and they were believers in cannabis, for personal use or for managing stress. They preferred that to alcohol, but when they had children, that went away.

But then when our father was in hospice care, a nurse asked if he would like to smoke some pot. She saw he was in a lot of pain. All the opioids were causing different issues; she was just trying to find a way to make her patient comfortable in those final days.

We were that young, and it was like this light bulb, or a moment in time that was very memorable, that went against everything that we were taught in school, the Nancy Reagan kind of thing that drugs are bad, pot will make you stupid and so on. We thought, w......................

To view our full article please login

This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
New Managers
New Managers
New Managers

Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1