Marijuana business accelerator launches tenth cohort of seed-stage startups
This month, we're changing things up a bit and making it easier than ever for you to get caught up with our alumni. Instead of writing a long blog that requires you read (who even reads anymore?), our Managing Director, Patrick Rea, sat down with deepgreen CEO, Colin Ferrian, to talk not only about the company and being an entrepreneur but about tech in cannabis and general agriculture as a whole.
When cannabis was legalized in Colorado and Washington in the 2012 election, it was hard to imagine the industry that would develop in the six short years since. Where there once were vague signs for hard to find dispensaries that made you feel like you were still up to no good now stand state of the art, modern and sophisticated retail fronts. But when legalization finally came down, it was hard to imagine all of that. The year between the passing of amendment 64 and the first adult-use sales in January 2014 was a weird year. With so much anticipation and press coverage, legalization proponents were a little worried about how all the hype would roll out. Would people understand and respect the laws? Would tourists understand how to consume cannabis responsibly? Would this be a failed experiment?
Entrepreneurship is hard. Entrepreneurship in the cannabis industry, a new industry rapidly changing on a daily basis, is even harder. Funding sources are different than traditional industry, valuations are a big issue and, due to federal prohibition, banking is might we say - challenged.
So you’re starting a company. Hopefully, you’ve honed your idea, done the market research and assembled the right team. You’re on your way
Starting a new venture is a large undertaking – after helping launch over 80 startups in the cannabis industry - we know. Not only should the founding team be researching, testing and building, but there also comes a point in some young companies’ lives where its time to start thinking about raising funds.