In October 2016, San Diego became 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 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.
Canopy San Diego is an early-stage business accelerator dedicated to developing technology-based ancillary product and service companies catering to the legal cannabis market.
How it works
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.
What is next for the Canopy San Diego?
On January 25th, 2017 the first cohort will have their Demo Day, which means each company will be pitching on stage to an audience of over 200+ investors, mentors, professionals and the Southern California community.
How to apply Canopy San Diego?
Go to canopysd.com and learn how!
Read DCN’s article here: Canopy San Diego, A Cannabis Business Accelerator Announces First Cohort