Cannabis Investing: Regulation, Capital & Scalable Growth Models 

Cannabis investing sits at the intersection of regulation, entrepreneurship, and alternative capital strategy. In this episode, we break down how investors evaluate opportunity in a fragmented, capital-constrained industry shaped by federal and state law. Hans Enriquez shares a first-hand view of scaling a cannabis-adjacent business, navigating regulatory uncertainty, and raising capital through franchising, public markets, and nontraditional structures. This conversation demystifies cannabis as an alternative investment and equips investors with a clearer framework for assessing risk, fundamentals, and long-term value.

Top Takeaways

1. Cannabis remains capital-inefficient—by design.
   Regulatory friction creates barriers to banking, financing, and scale, which also creates opportunity for disciplined investors.
2. Regulation drives returns more than product demand.
   State-by-state rules, federal scheduling, and tax policy often matter more than consumer growth curves.
3. Franchising is an overlooked capital-efficient growth model.
   Licensing, royalties, and brand control can outperform asset-heavy strategies in constrained markets.
4. Public companies still rely heavily on private capital.
   Going public does not eliminate the need for creative financing, debt, or structured private investment.
5. Fundamentals now matter more than hype.
   The era of speculative cannabis valuations is over; investors should focus on cash flow, compliance, and scalability.

Notable Quotes

• “Sales cures all—especially in capital-constrained industries.”
• “Regulation matters more than demand in cannabis investing.”
• “Going public doesn’t make capital easier—it just makes it different.”
• “Franchising was our most reliable form of organic capital.”
• “Fundamentals matter now. The hype phase is over.”

Chapters

00:00 Welcome & Introductions
01:30 Lazy Days & MedX: Business Overview
03:45 Cannabis vs. Hemp: Legal Operating Models
05:55 Multi-State Cannabis Strategy
07:55 Federal vs. State Cannabis Regulation
10:00 Rescheduling Cannabis & Investor Impact
11:30 Texas Hemp Risk & State-Level Policy
13:00 Expansion & Market Growth Strategy
15:10 Alternative Capital Paths in Cannabis
18:40 Going Public & Capital Reality
21:15 Community, Purpose & Leadership
22:45 Final Insights & Closing

Credits

Sponsored by Real Advisers Capital, Austin, Texas

If you are interested in being a guest, please email us.

Podcast Production by Red Sun Creative, Austin, Texas

Disclaimers

“This production is for educational purposes only and is not intended as investment or legal advice.”

“The hosts of this podcast practice law with the law firm, Ferguson Braswell Fraser Kubasta PC; however, the views expressed on this podcast are solely those of the hosts and their guests, and not those of Ferguson Braswell Fraser Kubasta PC.”

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