San Diego is now home to eight of the most promising startups in the cannabis industry, with the announcement of Canopy San Diego’s inaugural cohort!
Canopy San Diego, an early-stage business accelerator dedicated to developing technology-based ancillary product and service companies catering to the legal cannabis market has officially announced their first fall cohort.
Canopy San Diego was transformed through a strong partnership with the Canopy Boulder Organization, which has operated two cannabis accelerators in Boulder, CO and San Francisco CA. The initial idea of launching Canopy San Diego began when CEO Eric Gomez realized Southern California needed a similar platform like Canopy Boulder to help propel the industry forward. He knew he would find investment worthy cannabis start-ups that would benefit from the guidance and mentorship that would be provided from Canopy San Diego. Canopy San Diego, is led by CEO Eric Gomez, Managing Director Jack Scatizzi, and Founding Partners Linc Fish and Wyatt Hinshaw.
Canopy San Diego received interest from 90+ companies, not just nationally but globally. However, many of these businesses did not fit their criteria, as Canopy San Diego is focusing on companies that provide business solutions, services, and products for the cannabis industry.
Eric, Jack, along with founding partners narrowed the list of applicants from 90+ to 8 promising companies. These 8 portfolio companies will be referred to as Canopy San Diego’s inaugural cohort.
Each portfolio company will exchange 6-9.5% equity stake and in return Canopy San Diego will provide;
• At least $20k in seed capital
• Opportunity for an additional $50k in follow-on funding upon graduation
• Space for up to 4 employees to work within the Canopy San Diego Accelerator
• A 16-week cannabis specific business accelerator program that is designed to accelerate business development and prepare each portfolio companies to raise outside capital upon graduation.
And most importantly, provides access to a strong mentor board and the opportunity to network with investors who use the program as their “due diligence” process to base decisions on where to invest.
The diversity brought by the 2016 cohort of companies in Canopy San Diego, further demonstrates Eric’s highest priority in ensuring the companies chosen reflect a balanced portfolio. This year’s cohort has four companies out of the eight companies that are founded by women. Canopy San Diego believes that as leaders in this emerging industry, they have an opportunity to promote diversity within their ranks.
One of the companies selected, Yobi, cloud-based sales, inventory, and order management platform offering deep-level analytics for the cannabis retailer. Jeremy O’Keefe of Yobi stated,”Canopy has the experience to assist Yobi as well as help them avoid pitfalls and provide guidance in building a tangible plan for growth.” While participating in Canopy they plan on releasing a product that removes the stress and repetition from day to day operations of a cannabis retailer from order fulfillment to compliance reporting.
Another company apart of the cohort is Apothecarry Brands. Apothecarry is a source of luxury cannabis accessories which provides high style and high-quality goods designed with the upscale smoker in mind. CEO Whitney Beatty has been involved in the cannabis industry for about a year now and she sees the education Canopy has to offer to be able to hone in on their best practices and get her brand to where she wants it to be. Under Canopy’s wing Apothecarry Brands is looking to add new cases to their line and close another round of funding.
MycoCann, a cutting-edge biotech firm dedicated to improving the way cannabis is grown is also a part of Canopy San Diego’s Inaugural cohort. MycoCann’s CEO, Paula Young-Libby, is particularly interested in the mentorship that Canopy will be providing. They believe the capital and connections is a key factor in their decision to participate. When there’s a product that relies on some esoteric science, it is refreshing for Young-Libby to find investors who “get it”. Not only does she believe that the Canopy team get’s it, but that they are also as equally excited about the potential of their technology and IP as they are.
The 8 companies can expect weeks of training. They will be focusing on self -identifying needs, mapping out key partners, key activities, and key resources. As well as focusing on their customers, identifying how to engage customers along with pricing and revenue streams. Included in the training, leaders and mentors will come to speak to the cohort to present on a variety of topics. Such as a fundraising roadmap for Cannabis Customers, The Different Kind of Investors, and even Aeron Sullivan, Founder of Tradiv and Alumni of CanopyBoulder, who has excellent experience raising capital coming will be speaking to the cohort.
Today we are honored to be the first to announce the teams who will be participating in Canopy San Diego’s Fall 2016 Inaugural Cohort.
Yobi (Las Vegas) – Cannabuds is a cloud-based sales, inventory, and order management platform offering deep-level analytics for the cannabis retailer, focused on eliminating pain points and user error by automating the most common business tasks.
DCN Media Inc. (San Diego) – Direct Cannabis Network is a digital news publication that is dedicated to profiling the startups, entrepreneurs, and innovative companies in the cannabis industry. The DCN mission is to create a voice for the startups, a platform for the professionals, and an entrepreneurial community for the industry.
Lodestone Data Technologies (Denver) – Lodestone Data Technologies is developing an enterprise-level inventory and grow management solution based on RFID technology to support the cannabis market. Their system automates inventory and captures data about a plant’s growth cycle from clone to harvest. APIs synchronize the cultivation data with compliance systems, minimizing error and maximizing efficiency.
Looseleaf Tech (San Diego) – Looseleaf Tech brings cloud solutions to emerging healthcare sectors to help providers keep track of critical date safely and securely.
LoudCloud (Los Angeles) – LoudCloud saves medical marijuana patients 15 minutes per visit by pre-verifying them in a secure database and enables consumers to discover products through reliable reviews from verified patients.
MycoCann (Georgia) – MycoCann, Inc. is a cutting-edge biotech firm dedicated to improving the way cannabis is grown. Their microbial soil amendments increase sustainability, boost soil health and supercharge your grow.
Apothecarry Brands (Los Angeles) – Apothecarry Brands is a purveyor of luxury cannabis accouterment, providing high style and high-quality goods designed with the upscale smoker in mind. Their premiere offering the Apothecarry Case, is a luxury humidor and storage solution made to safely store herb at its freshest, most optimum quality while providing luxury tools and storage space for the discriminating connoisseur.
Icarus RT (San Diego) – Icarus RT is an engineering company that provides low-cost off-grid power boosting system for solar panels. Icarus system salvages heat from the solar panels and converts it into additional electrical output regardless of the solar system efficiency. The power boosting solution increases the current solar systems electrical output by 25% at a low cost or introduces a smaller footprint.
The startups will participate at Canopy San Diego Accelerator for 4 months, after which they will raise additional investment and move to their own offices. We are looking forward to keeping you updated on their progress over the coming months.
*Interested in applying for the Canopy San Diego’s Spring Cohort in March 2017? Click here to be contacted when the application process opens.