Steve Gormley Talks About Seventh Point's Private Equity Fund and Investing in Legal Marijuana Dispensary Assets in Los Angeles
Point Roberts, WA and Delta, BC - July 13, 2016 (Investorideas.com Newswire) Investorideas.com, a global news source and investor resource covering actively traded sectors including cannabis/hemp and medical marijuana stocks interviews CEO and Founding/Managing Partner of Seventh Point, LLC, a private equity firm investing in assets in the sector.
Seventh Point, LLC is a private equity firm that assembles, owns and operates private equity funds. Seventh Point's private equity funds invest in the acquisition and build-out of legal marijuana dispensary assets and cultivation facilities, industry related technologies and industry related lending platforms.
Seventh Point, LLC combines Fortune 50 financial industry best practices with best of breed cannabis industry expertise.
When asked what his motivation was for entering the sector he explains quite honestly, “I was motivated by money and I am impassioned by the mission that comes along with advocating comprehensive decriminalization.”
Steve tells Investor Ideas that their current focus for legal dispensary assets is in Los Angeles. Steve compares Los Angeles to the legal dispensary industry as to what Silicon Valley is to tech. “Our investment units contain a dispensary asset that includes the license and the business as a going concern. Right now we are in the process of closing on our first investment unit. We have a signed purchase agreement for a profitable compliant legal medical marijuana dispensary and its related assets. We plan on acquiring ten of these and capturing ten percent of the market in Los Angeles. We are also looking at other opportunities throughout California.”
He said they plan on retaining management but running the company at the highest level and using their Wall Street know-how to grow the business.
Steve noted that the private equity fund’s mandate is to deploy $75 Million over the next 36-42 months and said they have more than enough capital under management to execute.
When asked what kind of investors are attracted to the space, he said institutional investors are still on the sideline and that entrepreneurial investors, private investors, family funds are getting educated to make deployments in the sector.
On a personal note he said. “We consider the Government’s law on marijuana is racist. We think a disproportionate number of young men of color are being prosecuted for non-trafficking related offenses at an alarming rate and created havoc for American taxpayers, as well as the communities at large. While our corporate identity is predicated on activism and advocacy, make no mistake, we are a traditional private equity firm and we are driven by the clear and inevitable business opportunity in marijuana.”
Steve Gormley Bio:
Steve is a renowned expert in the legal marijuana sector and whose analysis is featured prominently in outlets like Forbes, Wall Street Journal, CBS News, US News and World Report, Chicago Tribune and Marketwatch. Steve is a partner in a retail hydroponic supply distributor outfitting commercial-grade cultivators in the Los Angeles area.
Steve Gormley has nearly twenty years’ experience developing, branding, marketing, launching, managing and operating businesses in the US and international markets. He has lived and worked in Asia, Europe, South America and Australia. Steve got his start in media in television production in the early 90’s. After developing content and producing for MTV, Paramount Pictures, Tribune and others, Steve leveraged his expertise in content into the online sector for a new media private equity fund in the late 90’s and early part of the new century. Steve helped develop, launch, manage and sell a number of new media properties and eventually founded a branded entertainment company in China. Steve has also served as managing director for a California based media private equity fund. He deployed C-Level Management Services specializing in start-ups and turn-arounds.
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