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- Startups - Rob Hayes of First Round Capital - TWiST #249

1:00-2:15 Welcome everyone, with me today is Rob Hayes of First Round Capital. 2:15-4:00 Thank you to eMinutes for sponsoring the show. If you&#39 ...

1st Capital Bank Invests $500000 in Clearinghouse CDFI

Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today a $500,000 Class A equity investment from 1st Capital Bank. A locally owned and managed community bank, 1st Capital Bank is headquartered in Monterey County. Both Clearinghouse CDFI and 1st Capital Bank are dedicated to enhancing the financial health and wellbeing of California's communities.

Clearinghouse CDFI will use this investment to benefit low-income and distressed communities along California’s Central Coast and throughout Western United States and Indian Country. The $500,000 investment will help Clearinghouse CDFI continue financing community facilities, affordable housing, commercial real estate, and other projects that create jobs and services in underserved areas. The resulting funds will enhance community development efforts along California's Central Coast.

"We are thrilled to invest in an organization whose mission is to provide economic opportunities and improve the quality of life for lower-income individuals in the areas we serve," said Michael J. Winiarski, Chief Financial Officer of 1st Capital Bank.

Canadian cannabis deals boost boutique investment banks in first quarter

“It’s an entrepreneurial business model attracting risk capital. So the (big) banks don’t like to risk their capital with earlier stage companies,” said Daniel Daviau, chief executive of Canaccord and former co-head of investment banking at CIBC.

Daviau said robust mergers and acquisitions in the cannabis industry were driving equity offerings. “Cannabis companies have decided they need scale to attack the global market,” he said.

Bankers cited greater depth and breadth of institutional investor interest.

“We’re seeing increasing acceptance of the marijuana industry by blue chip investors,” said Steve Ottaway, managing director, investment banking at GMP. “It is a natural evolution of the sector as companies are becoming big enough and deals are becoming significant enough to attract mainstream investor attention.”

JPMorgan Asset Management invested in a C$133 million offering by MedReleaf, a major licensed producer of cannabis, Ottaway said.