Last week Marijuana Investor News announced the launch of California’s fist cannabis company incubator in Oakland. The Gateway Incubator is backed by MJIC Inc. The firm will host a VIP open house December 4th as well as a public startup showcase December 5th.
The incubator is the result of the partnership between Ben Larson and Carter Laren. “We chose Oakland because we believe that as legalization unfolds, this city will emerge as the capital of the cannabis industry in the United States,” wrote co-founder Ben Larson. The incubator will be located near Jack London Square in the Leviathon building in Oakland, California. Larson had previously ran other incubators and accelerators such as the Founder Institute and Food Nest.
Startups receive office space as well as professional industry advice. Startups are awarded with a $30,000 investment capital in exchange for 6% equity in their business. The most successful startups will receive additional funding from Gateway.
“There are a tremendous number of experienced and insightful start-up founders and investors in and around Silicon Valley who are enthusiastic about helping cannabis companies succeed,” wrote co-founder Carter Laren, “and they are all anticipating imminent legalization.” Laren brings with him the experience of CEO of Creative Allies and co-founder of MOX. Laren has also worked with several other startups.
The Gateway is one way for seed-stage startups to prepare for California’s new regulations. “We’re excited to bring MJIC’s resources, expertise and network to promising cannabis start-ups,” said John Downs, MJIC’s Managing Director. “California’s recent passage of the Medical Marijuana Regulation and Safety Act (MMRSA) is a game-changer and as a result we expect the industry’s growth to accelerate dramatically.” MJIC’s portfolio includes Willie Nelson’s “Willie’s Reserve” brand, MyDx, Auntie Dolores, Meadow, CannaFundr, Harvest, New Frontier, and more.
“People should be focused on the business, not hanging out and getting high,” Laren argued. Gateway is accepting applications for 10 startups for round one.