Northwestern Law alumnus Teddy Scott joined the DPELC-MSL Speaker Series last week to tell the story of how he went from STEM student to CEO of PharmaCann, LLC. Scott led students through a brief history of the commercial marijuana industry in the United States and then shared an overview of his thirty years of experience.
When someone approached Scott with an investment opportunity in cannabis, he saw an even greater opening. He ascribes his arrival in this industry at this moment to luck, however, he also prepared by earning a PhD in Biophysics, a JD from Northwestern, and acumen over years in firm environments. From working on the technical side to leadership, Scott reinvented himself a number of times in his career, but his background in pharmaceutical research, intellectual property law, and entrepreneurship seems to uniquely position him for success as a leader in the commercial cannabis industry. PharmaCann was recently acquired by MedMen, a process that is still underway, but Teddy Scott doesn’t seem to be ready to rest on his laurels yet. The market in the United States is just starting to open up.
While the industry and consumers wait for laws on the federal and state levels to catch up across the country, the market has grown rapidly over the past several years. While the valuation of the market for responsible adult use is currently at $100 billion, the wellness and healthcare market has yet to be estimated. He called students to consider entering the industry; opportunities are available and there is plenty of space for those who speak of the language of the law to find footholds in young companies. While law students are still at their desks, he encourages them to nurture their interdisciplinary and leadership skills. You never know where or when your expertise might set you at the head of the pack.