March 2022: Investing in the Cannabis Economy

Event Description:

The cannabis economy has exploded over the past decade as more US states have marched towards legalization. Although impediments remain with respect to full access by cannabis businesses to the financial system, cannabis operations can pose attractive investment opportunities for those willing to take on the risk. PAIA is pleased to host in its latest webinar Chi-Chien Hou and Nico Richardson of AFI Capital Partners, a venture capital platform that has been investing in the cannabis industry since its inception in 2018. In this talk, Chi-Chien and Nico will discuss their experience building a cannabis focused investment portfolio, and will share their views on the operational, legal, and regulatory difficulties of working in the cannabis industry, including the possible benefits of deploying capital in advance of full US legalization.

Panelists:

Chi-Chien Hou, Managing Director

Mr. Hou has been an active investor in the cannabis community since 2016; in 2018, Mr. Hou co-founded AFI Capital Partners.  Mr. Hou currently serves on the boards of Vertosa, GrassDoor, and Leif Goods; he also serves as a board observer on Abaca Financial and Treez. Prior to AFI, Mr. Hou spent over ten years in lower middle market investing, serving as a principal for both Star Avenue Capital and Innovate Partners, and has deployed over $100 million on these platforms. Mr. Hou also spent seven years in key strategy and operating roles at Gap Inc. Mr. Hou holds a BS from Yale College and an MBA from the Anderson School of Management, UCLA.

Nico Richardson, Managing Director

Mr. Richardson has been an active investor and operator in the  cannabis industry since 2014; in 2018, Mr. Richardson co-founded AFI Capital Partners. Mr. Richardson currently serves on the boards of Headset, Mirth Provisions, and Groundworks Industries; he also serves as a board observer on Front Range Biosciences and Willow Industries and is an advisor to Clever Leaves. Prior to AFI, Mr. Richardson spent four years with Privateer Holdings, the first institutional investor in the cannabis sector, where he led the investment team. Prior to Privateer, Mr. Richardson managed the internal M&A function for Argo Group International Holdings, a multi-national insurance and re-insurance company. Mr. Richardson has also held investment banking roles with Deutsche Bank and RBS Greenwich Capital. Mr. Richardson holds a BA from Duke University and an MBA with High Distinction from the Tuck School of Business at Dartmouth.