CanopyBoulder raises $2M for 2016 MJ business investments

What’s the right revenue per square foot? What’s a realistic business outlook for cultivators? Get realistic market forecasts, state-by-state insights and benchmarks. Get the 2023 Factbook.

CanopyBoulder, a business accelerator based in Colorado, announced on Friday it has completed yet another seven-figure round of fundraising to invest in startups.

The accelerator raised $2 million to help new marijuana-related companies get off the ground in 2016 after raising $1.2 million last year for the same purpose. This year’s cash influx will be invested in two classes of companies that will go through a 16-week training and mentoring program.

“The 2015 CanopyBoulder alumni raised more than $10 million in capital to support their operations and we have high expectations for the 2016 classes,” CanopyBoulder co-founder and CEO Patrick Rea said in a statement.

CanopyBoulder invests up to $70,000 in seed funding for startups in exchange for an equity stake in companies, typically between 6% and 9.5%. Some of the companies chosen already for this year’s program include VaporSlide, Front Range Biosciences, iDro, Quantified Vapor, PenSimple, Stashbox, Trellis Research Group, Wurk, SPARE and weeGrow, all of which are non-plant-touching ancillary firms.