NEWS BRIEF

Marijuana Business Accelerator Raises $1.2 Million

It seems like marijuana investors are practically falling from the sky these days.

CanopyBoulder, a new Colorado-based business accelerator focused on helping ancillary cannabis companies, has already raised $1.2 million in funding to help startups get off the ground, according to the Boulder Daily Camera.

CanopyBoulder is holding a pair of 13-week “boot camps” this year, which include $20,000 in startup capital along with advice from seasoned industry veterans on how to succeed. The first round commences March 30, and the second starts Sept. 1.

There’s so much interest in the program that CanopyBoulder received 115 applications for the first boot camp.

The $1.2 million raised to date significantly outpaced what the company expected to raise. The additional funds will be applied toward boot camps in 2016 in both Boulder and in San Francisco.

The accelerator’s focus is on companies supporting the cannabis industry: software and technology firms, businesses that sell nutrients, and other support services, the Camera reported. Ancillary companies have long been a popular area for entrepreneurs with functional experience in another industry can be applied to the cannabis business.

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