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.
Applications 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.