Talk of the cannabis industry still sparks snickers and jokes from onlookers who expect business leaders in Birkenstocks and dreadlocks. But on Thursday afternoon, at the first New York meeting of the National Cannabis Industry Association, a lobbying group that supports the federal legalization of marijuana, it was collared shirts, suits and white tablecloths.

The well-tailored crowd of NCIA members had gathered in Manhattan for a fundraiser, at which they were joined by local politicians who have been pushing for legalization.

Politicians in attendance included New York assemblyman Steve Katz, who had opposed medical marijuana before he was arrested for unlawful possession of the drug in March 2013. “You are representatives of the great American tradition of free enterprise, entrepreneurialism, and yes, dare I say it, free-market capitalism,” Katz told the crowd.

Katz seized on the energy of the cannabis-oriented businesspeople in attendance who believe the industry has enormous potential. Their enthusiasm has strengthened in recent months, as recreational use became legal in Colorado and Washington this year, and a Gallup poll last fall showed for the first time a majority of Americans favoring legalization.

Some people at the meeting, however, said that starting in the industry isn’t a simple matter, and that it requires substantial capital.

“A new person coming into the industry is definitely going to need millions,” said Julie Dooley, the president and co-creator of Julie & Kate Baked Goods, a company that makes edibles – treats laced with marijuana. Standing near a basket of “non-medicated” samples of her sticky treats, Dooley explained that her business started on a “shoestring” budget, but said cannabis-business hopefuls need much more money to get started these days.

Part of that need is being filled by Silicon Valley-esque Angel Investors, who are banking on increased national support for legalization as they pour funds into marijuana startups in states like Colorado and Washington.

One of these angel investors, ArcView Group, has valued the legal marijuana US market at $1.53bn, and believes that the number could grow, as legalization becomes a reality in more US states.

But like most US industries, this one is currently dominated by white men. The women at the event said they were hoping that they can change that by seizing on the relative newness of the industry.

“No one knows what’s going on right now,” said Jane West, owner of the cannabis-themed events company Edible Events. “As long as you have the right connections and funding you can make anything you want happen.”

Of course, ventures promoting recreational use are operating in a two-state market. That is something supportive politicians and industry leaders are hoping to change, as they tout the medicinal benefits of cannabis, including studies showing it could help children who experience severe epilepsy.

Another of the keynote speakers, New York state senator Diane Savino, who sponsored the state’s Compassionate Care Act that would legalize medical marijuana, became involved with the cause when some of her family members began using the drug to cope with illness.

Savino called on Congress to support federal marijuana legalization, but said she believed change in New York would be enough to spur movement in other states.

“New York is a watershed state – as we go, so go the other states,” Savino said.