Lee, really appreciate the time you’re dedicating to this.

To be candid, I haven’t looked very closely at the cannabis tech industry. We have been referred a couple startups in this area, but it hasn’t been one where we’ve invested or developed deep expertise so I wouldn’t consider myself super knowledgeable.

As you may know, some VC firms have broad guidelines in their partnership agreements with their LP investors which may restrict their ability to invest in certain sectors. Some large institutional investors have adopted rules which explicitly or implicitly prohibit the VC firms they commit assets to from making underlying investments in sectors where there may legal grey areas, or even sectors which are in a clear legal zone but there may be societal costs (e.g. tobacco, firearms).

So regardless of what an individual VC investor’s personal views might be on the broad legalization of cannabis, given there still remains some unresolved legal questions between the federal and state levels (and varying rules at state level) most VC firms that have LP investors with such guidelines probably are less active in investing in tech firms that are closely tied to the industry.