Some are calling the new wave of emerging marijuana businesses the fastest growing industry in the nation and estimate the market will reach $22 billion by 2020.
Some states are setting up Cannabis Business Councils. State fairs are even getting in on the action: the Oregon State Fair featured blue ribbon-winning marijuana plants. It’s the first time live pot plants have been shown at a state fair.
Now I just came across this: The cannabis industry’s first accelerator program with nine startups in Berkeley, California.
The program is run by Canopy, a seed-stage, mentorship-driven, business accelerator created in partnership with The ArcView Group for companies developing ancillary products and services for the legal cannabis industry.
Here are the highlights:
- It’s a 16-week entrepreneurial boot camp.
- Hundreds of companies apply and Canopy selects up to 10 for each four-month session.
- The entrepreneurs that make the cut receive $20,000 in seed capital and up to $50,000 in follow-on investment from Canopy’s investment fund.
- Canopy anticipates opening a San Diego office and business accelerator this fall.
For more info, including the profile of the 9 startups, link here.
Note: I’ve written on this topic twice before – most recently on 4/20 (of course!) about big name package and branding firm, Pentagram, designing Snoop Dogg’s marijuana line and about legalized pot’s first year growth in edibles and drinkables.