Marijuana start-up accelerator CanopyBoulder raises $2 million
Industry: Financial Services
CanopyBoulder raised over $2 million to invest in seed-stage marijuana-related start-ups. The fund will make approximately 20 investments of up to $70k in 2016.
Boulder, Colorado (PRUnderground) March 18th, 2016
CanopyBoulder™ raised a $2 million fund to invest in two classes of startups in 2016, all of which will launch ancillary products and services companies in the legal cannabis industry. In addition, the Canopy accelerator launched a Spring class on February 29th with a an event benefiting the Marijuana Policy Project and featuring Mason Tvert, Marijuana Policy Project Communications Director.
“ArcView and Canopy joined forces in 2014 to generate a meaningful impact on the future of the cannabis industry through business and investment. In the rapidly growing cannabis industry, it takes a strong team of mentors, advisors and contacts to navigate successful launches. This is a primary benefit to the teams that Canopy can offer,” said Troy Dayton, CEO and Co-Founder of The ArcView Group and Partner in Canopy.
Ten additional early stage companies joined the Canopy ecosystem of mentors, advisors, alumni and investors. The companies include VaporSlide, Front Range Biosciences, iDro, Quantified Vapor, PenSimple, Stashbox, Trellis Research Group, Wurk, SPARE and weeGrow. The spring cohort will present at two official Demo Days – May 17th in Boulder and June 18th in Oakland preceding the ArcView Investor Forum and National Cannabis Industry Association Cannabis Business Summit.
“The 2015 CanopyBoulder alumni raised more than $10 million in capital to support their operations and we have high expectations for the 2016 classes,” said Canopy co-founder and CEO, Patrick Rea. “These entrepreneurs will be some of the hardest-working people in the cannabis industry for the next 4 months, and though success is never guaranteed, investors have rewarded strong teams, exciting innovations and qualified founders.”
Contacts:
CanopyBoulder
Patrick Rea
(303) 261-5496
The ArcView Group
Abby Benjamin
(720) 518-7611
About Canopy
Canopy is a venture fund and business accelerator for companies developing ancillary products and services for the legal cannabis industry. Companies are handpicked to receive up to $80,000 in capital and participate in an intensive 16-week accelerator program. Canopy advisors and mentors work closely with each company, helping define business models, refine unique selling propositions, and focus marketing and fundraising activities. For more information, please visit www.canopyboulder.com.
About The Arcview Group
Founded in 2010, The Arcview Group is responsible for a number of groundbreaking ventures in the cannabis industry. The Arcview Investor Network includes more than 650 accredited investors who have put more than $108 million behind 141 companies. Arcview Market Research produces the State of Legal Marijuana Markets report, which is the most oft-cited market data report. In 2015, Arcview became a partner in Canopy. For more information, please visit www.arcviewgroup.com.
