High Finance: Cannabis Biz Accelerator Canopy Offers Budding Firms Big Bucks

shutterstock 541299784
shutterstock 541299784

What cannabis startup doesn’t need $80,000? Well, now may be the time to get in line for a serious capital buzz by applying to cannabis accelerator Canopy’s spring 2017 program. Accepted companies get $30,000 for their team to attend a 16 week incubator program in Boulder, Colorado, with follow-on funding of $50,000 for the top company’s in the program. The early application deadline is December 31, and applying before then will gain you added notice. (The drop-dead application date is January 31.)

Canopy seed money has helped launch more than 30 cannabis companies including grow tech firms like WeGrow, iDro, bio-tech luminary Front Range Biosciences, subscription box services like Stashbox as well as high-end and innovative accessories makers such as Elevate, PenSimple and VaporSlide, as well as many other diverse young companies.

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Canopy Boulder Invest cannabis businessApplications are judged on the strength of the team (previous startup experience, professional expertise in their product sector), company traction and the scalability of the idea/product (Are there application beyond cannabis? Is there opportunity for follow-on products and offerings?).

Canopy’s Co-Founder and CEO, Patrick Rea says their business accelerator aims “to help entrepreneurs do more faster, increase their chances for success, prepare investment-worthy businesses, and build a solid foundation for the cannabis industry’s expected meteoric growth.”

Upon acceptance to the program, Canopy offers $30,000 in seed capital (a $10k increase over 2016) and up to $50,000 in follow-on investment from Canopy’s investment fund. Qualifying Canopy companies also receive access to nearly $1 million worth of network discounts on marketing automation tools, co-working space, cloud web services, industry events, trade shows and more.

For access to their program, advisors, and network of industry leaders, Canopy takes a 6–9.5 percent equity position. While Canopy doesn’t invest in cultivation, extraction, edibles/MIPs or retail businesses, there’s a world of budding entrepreneurs out there who could use a boost.

Those applying need to have linkedin profiles for all key players in their organization, must make and post a video about your company’s founders and your business idea, and create a short pitchdeck business overview pdf. Learn more about the program here. Good luck.

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