Startup companies focusing on the ancillary cannabis market will get a helping hand – and a cash infusion – as part of a new business accelerator program set to launch in Colorado.
CanopyBoulder, which acts as a mentor to companies developing ancillary marijuana products and services, will invest $20,000 in 20 startups selected for the accelerator next year. The companies will receive assistance from industry experts and access to a 12-week “business boot-camp” to help develop their ideas.
CanopyBoulder has teamed up with The ArcView Group, which already has a network of investors, industry experts and marketing resources, for the venture, the companies said in a joint release today.
The accelerator program will focus on startups offering industry technology, safety products, packaging, cultivation tech, apps, and other ancillary products and services, according to Patrick Rea, CanopyBoulder’s co-founder.
Applications to participate in the accelerator are currently being accepted.
“There is no shortage of business opportunities or investors ready to get into the cannabis industry,” said Troy Dayton, CEO of The ArcView Group. “What’s missing is an abundance of well-qualified, and well-supported teams executing pressure-tested, investment-ready business plans.”
ArcView said earlier this year that it’s seen its network of investors grow considerably as more institutional and angel investors seek to enter the cannabis space.