EP 45: This Ex-Lawyer Raised $12M for a Cannabis-Tech Startup and Sold It!

We got another great story in this episode with Colby McKenzie having worn multiple hats as a successful corporate lawyer, co-founder of a cannabis tech startup that raised over $12 million, exited founder after orchestrating a strategic acquisition, and now an investor and founder of a boutique law firm dedicated to guiding entrepreneurs. Colby talks about the grueling fundraising process, navigating the complexities of a strategic acquisition, and the importance of understanding key legal considerations throughout the entrepreneurial journey. Here's what you're in for: 00:00 - Intro 00:45 - Colby's transition from corporate law to entrepreneurship 02:25 - Challenges of being a first-time founder and raising capital 05:50 - Navigating the fundraising process and courting investors 10:05 - Raising over $12 million across two rounds for Enlightened 13:22 - Strategic acquisition of Enlightened by Weedmaps 18:06 - Leveraging legal expertise to drive a successful exit 24:19 - Joining Weedmaps and public companies post-exit 28:58 - Launching Transition Point Law to guide other founders 50:08 - Outro This episode is sponsored by ThunderVC, an investment bank for founders by founders. Raising capital? Get a list of vetted VCs for FREE here: https://web.thunder.vc/list-of-investors-vcs-for-founders  Raising debt? Find the perfect lender in minutes here: https://debt.thunder.vc Get the latest fundraising insights, news, and tips - https://join.thunder.vc Get the fundraising guide to sharing your data room - https://lp.thunder.vc/download-the-fundraising-guide-to-sharing-data-rooms ABOUT COLBY MCKENZIE Colby Mckenzie is a business-minded attorney and M&A expert. From practicing law at one of the top firms in the world to being a seasoned entrepreneur with numerous successful exits as both a founder/operator and private equity investor, Colby marries his legal and business careers to bring an unrivaled viewpoint to unique and unconventional transactions. McKenzie founded Transition Point Law to give business owners and funds the experience that he was looking for while operating companies himself. Prior to founding Transition Point Law, he was the co-founder of venture-backed startup Enlighten, a leading canntech company, which had a successful exit in 2022 to Weedmaps (Nasdaq: MAPS). And, thereafter, spent two years as part of senior management and the c-suite of multiple public companies. He has helped companies in a wide array of businesses including digital media, ad tech, mobile apps, IoT, health & wellness, cannabis, food/service, financial services, professional services, construction and commercial real estate. Connect with Colby on: Linkedin: https://www.linkedin.com/in/colby-mckenzie-08423372/ Website: https://www.transitionpointlaw.com/ ABOUT FUNDRAISING DEMYSTIFIED Our goal is simple: to equip you with the knowledge, inspiration, and guidance to navigate the labyrinthine world of fundraising. Whether you're a budding entrepreneur seeking seed funding or an established founder looking to scale your business, this podcast will provide you with the tools you need to conquer the fundraising landscape. Thank you for being a loyal subscriber to Fundraising Demystified. We appreciate your support and are excited to continue bringing you more inspiring stories from successful founders. ABOUT JASON Jason Kirby is the co-founder of Thunder VC. He is a serial entrepreneur with 4 multi-million exits and decades of experience in fundraising and business building. He has coached hundreds of entrepreneurs in his career on fundraising, investing, capital strategy, and business development. You can reach out to Jason through: Email: [email protected] LinkedIn: https://www.linkedin.com/in/jasonrkirby/