Marijuana Startups Might Consider Looking to Canopy for Some Capital

Marijuana startups are typically in need of capital to help boost them for a time, and Canopy is in the business of providing startup capital to young businesses. Venture capitalists are fueling a lot of the new innovations coming to the cannabis markets. What kind of capital do you need for your new cannabis business?

BOULDER, Colo., July 28, 2017 — Canopy, a venture fund and business accelerator for companies developing ancillary products and services for the legal cannabis industry, is pleased to announce the launch of its Fall 2017 class in Boulder, Colorado. Eight startups are taking part in the 16-week accelerator program, with businesses including a cloud-based quality management tool for multi-state operators, an integrated agriculture technology hardware service, and an enterprise software platform that helps cannabis businesses manage and mine their online reviews. CanopyBoulder has committed $240,000 to this Fall 2017 cohort alone.

Each startup accepted to Canopy’s program receives $30,000 in seed funding, with a chance to earn an additional $50,000 in funding later in the program. The Canopy model prioritizes connecting companies with experienced mentors and introducing founders to a wide cannabis investor network.

The program is designed to spur business traction and prepare the companies to raise outside capital, while providing access to outside venture firms, key figures within the local entrepreneurial community, and exposure to early adopters and potential customers. After weeks of intensive pitch practice, refinement of business models, and miles logged meeting cannabis businesses around the country, the cohort “graduates” on Demo Day, where each company presents their business to an audience of potential investors, cannabis business professionals, media, and the local community.

The cannabis industry in Colorado has shifted from just keeping up with demand to competing and stealing market share from one another. The result is increased interest in, and demand for the cannabis technology companies that Canopy is investing in. We expect this trend to continue nationwide as state markets mature.

On August 2nd, starting at 5:30pm MT, CanopyBoulder will host a launch party for the kick-off of its Fall 2017 class. The event will be held in the new Canopy headquarters in downtown Boulder, Colorado, and will include networking with investors, mentors, and entrepreneurs from the Canopy ecosystem and other Denver/Boulder cannabis industry professionals. Food and drinks will be provided, with all ticket proceeds going to Marijuana Policy Project. Full details and tickets can be found here.

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Source: MJFeed

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