Canopy, a Colorado-based, marijuana-focused business accelerator, has created a $50 million venture capital fund that will focus on “growth stage companies” in the cannabis sector.
According to the Canopy Ventures I’s website, the company plans to make high-risk, high-reward investments in startup companies with the expectation that 60%-80% of its investments will fail.
Parent company Canopy raised $2 million for cannabis investments in 2016 after raising $1.2 million in 2015.
Amid growing criticism, NCIA chief Aaron Smith admits missteps and hopes to move the trade group in a new direction.