The cannabis industry's first accelerator program invests another $180,000 in nine startups in Berkeley, California
For Immediate Release
Contact: Meghan Grabow, Marketing Director, firstname.lastname@example.org, (970) 376-7574
Berkeley, California — August 29, 2016 — Nine startups developing businesses from museum-worthy 3D-printed smoking accessories to a ClassPass-like service for cannabis dispensary customers move to Berkeley this week to begin a 16-week entrepreneurial boot camp with Canopy’s marijuana business accelerator program.
The new class, with hometown roots ranging from New Jersey to California, is the fourth class of entrepreneurs to gain acceptance into Canopy with the hope of raising capital and expanding into California’s emerging marijuana market. The 29 alumni companies have already raised nearly $15 million from investors.
“The teams accepted into the Canopy program in Berkeley will have a unique opportunity to capitalize on the California legalization movement,” said Canopy co-founder and CEO Patrick Rea. “Now is the time to launch a cannabis business.”
Hundreds of companies apply to Canopy’s immersion boot camps; the accelerator program selects up to 10 for each four-month session. The entrepreneurs that make the cut receive $20,000 in seed capital and up to $50,000 in follow-on investment from Canopy’s investment fund. Canopy anticipates opening a San Diego office and business accelerator this fall.
The new wave of emerging marijuana businesses is poised to capitalize on the fastest growing industry in the nation. The ArcView Group investor network, a partner in Canopy, has helped to raise more than $80 million for 129 cannabis companies, and estimates the cannabis market will reach $22 billion in 2020.
Canopy’s Fall Class Profile:
- Printabowl: Creating customizable up-market, design-minded elevation instruments for the sophisticated marijuana enthusiast. Team: CEO Al Jacobs, COO Al Jacobs
- HookItUp: A cannabis-friendly, but not cannabis-specific, professional network that connects individuals, entrepreneurs, investors and companies.Team: CEO Sam Zartoshty, COO Shomo Das, CTO Arturo Ceballos, CTO Vanessa Caballos
- Grass-Pass: A solution for dispensaries to incentivize and attract new customers, while offering them the maximum selection of available options. Team: Co-Founders Simeon Schnapper, Yvonne DeLaRosa Green, Sam Boyer
- GuptaDaniel: Creating marketing and sales data visualizations for dispensary decision makers to identify trends and effective acquisition channels. CEO Benjamin Daniel, COO Preteek Gupta
- MyStrain: Creating a standardized database of symbols for hundreds of the most popular strains to help increase consumer-recognition and dispensary presentation. Team: CEO Chris Cimno, COO Austin Stevenson
- The Peak Beyond: Creating interactive smart tables that provide unique hands-on retail experiences which educate consumers about industry relevant products and streamline POS sales systems. Team: CEO Jeff LaPenna, John Capogna, Bill Stark
- BlueJay Brand: Streamlined rolling packs featuring pre-rolled papers, herb storage, and an “EZ Loader” that simplifies the process of filling papers. Team: CEO Michael Rottman, COO Katie Huggins, CFO Aaron Puladino
- AcroVape: A battery-powered vaporizer designed to provide the user with a fresh-tasting, safe and smooth dab consumption experience. Team: CEO Jeremy Campas
- Campfire: A mobile app that gives users the tools to host and explore cannabis events. Team: CEO Will Gaudet
To learn more about Canopy’s fall class, visit the Canopy portfolio page.
Canopy is a seed-stage, mentorship-driven, business accelerator created in partnership with The ArcView Group for companies developing ancillary products and services for the legal cannabis industry. Companies are handpicked by the selection committee to receive up to $70,000 in capital and participate in an intensive 16-week accelerator program. Canopy advisors and mentors work closely with each company, helping define business models, refine unique selling propositions, and focus marketing and fundraising activities. For more information, please visit www.canopyboulder.com.
About The ArcView GroupFounded in 2010, The ArcView Group is responsible for a number of groundbreaking ventures in the cannabis industry. The ArcView Investor Network includes more than 550 accredited investors who have put more than $80 million behind 129 companies. ArcView Market Research produces the State of Legal Marijuana Markets report with New Frontier, which is the most oft-cited national market data report. In 2015 ArcView became a partner in Canopy, the first seed-stage mentor-driven business accelerator. ArcView is also co-founder of Cannasure Insurance Services, the leading provider of business insurance to the cannabis industry.