Pot Business Accelerator Raises $1.2 M

portfolio-canopy-boulderMarijuana investors are indeed flocking in these days, and a recent success of a marijuana business accelerator shows just that.

CanopyBoulder is a Colorado-based firm offering a business accelerator for ancillary cannabis companies, in partnership with prominent investor network The ArcView Group. Barely a month after the accelerator launched, it has already raised a funding of $1.2 million to help marijuana startups get off the ground.

The accelerator will hold two “boot camps” for 20 cannabis startups this year. The boot camp program will provide mentoring from industry experts and a startup capital of $20,000 for each company selected.

The interest in the program has been huge, both from investors and applicant companies.

According to Canopy Boulder CEO Patrick Rea, the firm did intend to raise $1.2 M, but the incoming investor support exceeded their expectations. There is now “a surplus of investor interest,” Rea said, and it will likely be used to jumpstart CanopyBoulder 2016 and CanopySF 2016, which are also boot camps planned for next year.

Rea additionally emphasized that The ArcView Group has been integral in the process of raising the fund.

CanopyBoulder has also received 115 applications from startups hoping to join the first round, which will start on March 30. The second one will kick off on August 31. Applications are now welcome for this second round of classes.

The accelerator will focus on companies that provide ancillary products and services to the cannabis industry. These include technology firms, nutrient businesses, and providers of support services such as security and transportation.

In the meantime, The ArcView Group has also been active in assisting marijuana companies. One of its recent activities was a conference for pot startups and elite investors in San Francisco in late January. In this “Shark Tank-style” event, the startups were given a chance to pitch their respective business to get funding deals.

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