How To Fund Your Cannabis Start Up

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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.

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