A big chunk of the capital invested in the flood of cannabis-related startups is certain to go down the drain, and it could take years to wring real value out of the survivors. “There’s no doubt the risk appetite has to be high, and you have to view yourself as an early pioneer and believe in the movement – beside the economic upside,” says Jeanne Sullivan, a New York venture capitalist and veteran tech investor who has focused on cannabis businesses for the past several years. Welcome to one of the many pitfalls awaiting those tempted to leap into the biggest horticultural investing craze since the Dutch went wild over tulips in the 1630s.