On September 20, the Upstate Capital Association of New York and The Hudson Valley Venture Hub will present the Seed to Market Summit, a first-of-its-kind-in-the-state event for investors and entrepreneurs to network and explore opportunities in the emerging cannabis ecosystem.
“Upstate Capital saw the promise in cannabis early on,” said Noa Conger Simons, President and CEO of Upstate Capital. “The industry is projected to generate $3 billion annually in the state by 2025, making New York one of the largest cannabis markets in the country. The time is now for investors to connect with growers and processors to fuel this future.”
Eliza Edge, Director of Hudson Valley Venture Hub, the NYSTAR-designated Innovation Hot Spot for the Hudson Valley, said that the organization wanted to participate in the summit because “our North Star is helping startups in our region go from an idea to commercialization. Looking around the region, I see some pretty promising cannabis companies emerging, but I think there is a lack of information about what is legal and what is happening in the state. That is why this event is so needed.”
The summit will be held at the Warwick, NY site of UrbanXtracts, a trailblazer in the cannabis supply chain. It is scheduled in advance of Oct. 1, the day the New York State Office of Cannabis Management begins accepting applications for licenses to grow, process, and distribute cannabis in the state. UrbanXtracts and others currently in the industry hold conditional licenses that were granted in early 2022.
“This is just the beginning,” said Eran Sherin, CEO of UrbanXtracts. “There is a tremendous opportunity still available for New York businesses and entrepreneurs to get into this exciting, emerging industry.”
Sherin, who has a background in tech startups for the hospitality industry, will lead a tour of his facility and share his story. He was one of the first in the state to apply for a hemp growing and processing license in 2017. Warwick was looking for new uses for a 400-acre former prison complex, and Sherin approached them about hemp. He took on several buildings and, with the help of investors, built a state-of-the-art extraction, processing, and development center, even turning a grain silo into a conference room.
When the state offered conditional cannabis licenses to those who held hemp licenses, Sherin shifted his focus, working with local cannabis growers, processing their crop and turning it into products for established brands, including out-of-state companies looking for a toehold in the New York market. Over the past few months, as dispensaries have opened up, he has worked with them to bring the end products to consumers.
Sherin is excited to share his knowledge of the ecosystem supply chain with summit guests.
“Coming in early to this new industry, I thought that if I could develop the infrastructure then I could really empower people who want to participate in it,” he said. “We want them to come and see what we’ve been able to do and learn from it so they can create a thriving business of their own. If we can help bring emerging companies and new technology and products together with investors, that is something we want to be a part of.”
Summit participants will get investor perspectives on the cannabis industry, and attend a showcase with more than 10 cannabis businesses. There also will be time for networking between entrepreneurs, leaders of established cannabis businesses, and deal makers including M&A professionals, attorneys, accountants, investment bankers, and business professionals.
“There is nothing like meeting in person, especially with a small and growing industry,” Edge said. “That is why I think coming to this sort of event is key. We also want companies to see that the Hudson Valley is the place they should come to grow. New York is positioned to be one of the biggest cannabis markets and I believe the Hudson Valley, with its tradition of farming, is perhaps the best-positioned region in New York.”
“The Seed to Market Summit will be a pivotal event for anyone who is curious about what promises to be a huge industry,” Simons said. “Please join us for what will be an entertaining and educational day.”
To learn more or to register, click here.