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This newsletter asked ChatGPT to write this one
This newsletter’s favorite show on TV the last few years has been ‘Succession.’ The show returns for its final season on Sunday, so it’s got me thinking about my own succession plans. Plus, actor Brian Cox — who plays conservative patriarch Logan Roy — likes smoking weed.
This story from MJBiz is what has me worried:
Mere months before Robert Fireman died suddenly in December, the co-founder and former CEO of Massachusetts-based MariMed shook up the cannabis company’s management team and created a succession plan.
Doing so would prove to be prescient.
Fireman, who had served as board chair and CEO of the multistate operator since 2017, died on Dec. 11 from complications of a respiratory illness. He was 74.
Brett Roper, the co-founder and interim CEO of Denver-based Medicine Man Technologies (which now operates as Schwazze), died suddenly at the end of 2018. Co-founder Andy Williams was appointed interim CEO in Roper’s place. Roper had asked the board to start looking for a new CEO in June 2018 because he was planning to transition to a semiretired role.
Justin Dye took over as chair and CEO in 2019, and Williams departed the company in 2020. (A Schwazze spokesperson declined to comment because new management has since taken over.)
In early 2021, Keegan Peterson, the 33-year-old founder and then-CEO of Denver-based payroll and human resources software company Wurk, died suddenly. Scott Kenyon, formerly the executive chair and a board member of the privately owned company, took the helm of Wurk shortly after.
A 2020 Harvard Business Review story highlighting the need for succession plans at the height of the COVID-19 pandemic notes that smaller companies and startups are particularly vulnerable to losing key leaders. The thought processes and strategies of founders as well as the niche expertise and skills of management can be crucially valuable and irreplaceable.
What happens if a sudden tragedy befalls Money Puff? Am I “crucially valuable and irreplaceable”?
Could an AI LLM eventually write Money Puff? It’s Monday, so I gave it a shot. Here’s the response for ‘Write about what's going on in cannabis finance.’ Enjoy!
Cannabis finance is an increasingly popular topic in the world of finance, as the legalization of marijuana continues to spread across the United States and other countries. Here are some of the latest developments in cannabis finance:
The Cannabis Stock Market: With the growing legalization of cannabis, the stock market has seen a surge in cannabis-related companies going public. Many investors are bullish on the future of cannabis and see it as a potentially lucrative investment opportunity.
Cannabis Venture Capital: Venture capital firms are increasingly investing in cannabis-related startups, which are popping up in various areas such as cultivation, processing, and distribution. These firms are hoping to capitalize on the growing demand for cannabis products, as well as the potential for federal legalization in the U.S.
Banking for Cannabis Companies: Despite the increasing legality of cannabis, many banks are still hesitant to work with cannabis-related businesses due to the ongoing federal prohibition. This has created a difficult financial landscape for many cannabis companies, with some having to resort to all-cash transactions and other workarounds.
The Green Rush: As the cannabis industry continues to grow, some entrepreneurs and investors are likening it to the "gold rush" of the 1800s. This has led to a surge in competition and speculation, as well as some concern that the industry may be overvalued.
International Markets: While the legalization of cannabis has been slow to spread internationally, some countries such as Canada have fully legalized marijuana. This has created new opportunities for investors and entrepreneurs, as well as challenges related to navigating differing laws and regulations across borders.
Overall, cannabis finance is an exciting and rapidly evolving space, with many opportunities and challenges for investors, entrepreneurs, and financial professionals alike. As legalization continues to spread, it will be interesting to see how this industry develops and impacts the broader financial landscape.