We knew it wouldn’t be too long before we started hearing about a startup accelerator for the Cannabis industry. We also were pretty certain that we’d find that accelerator in Colorado. Low and behold we were right.
The Daily Camera reports that CanopyBoulder has raised $1.2 million dollars for a Cannabis startup accelerator.
CanopyBoulder, is located in Boulder and takes the same approach is Techstars, which was also launched in Boulder. The $1.2 million dollars is for their inaugural session. The accelerator launched late last year in partnership with the ArcView group.
Patrick Rea, the co-founder, CEO and Managing Director of CanopyBuilder is not looking for companies with new strains of marijuana but rather the ancillary businesses used to support the industry. This would include software developers, nutrient and support services and supply chain management.
CanopyBoulder received 115 applications for it’s first of two 13 week programs in 2015 which starts March 1st. Their second session will begin September 1st.
The Cannabis Industry is booming. The legal Cannabis industry generated $2.7 billion in sales in 2014. Naturally, the industry continues to grow, ArcView, who tracks the legalized Cannabis industry says that it could eclipse $10 billion by 2019.
Rea plans to start raising funds for CanopyBoulder 2016 shortly and also hopes to implement a similar program in San Francisco. California is getting close to passing recreational Cannabis laws.