BOULDER, Colo. – Venture funds and business accelerators are nothing new, but in Boulder, there’s a company that’s investing millions of dollars specifically to help startups in the legal marijuana industry.
Canopy started in 2014 and since then, the company has invested about $5 million in more than five dozen startups. Those young companies have since gone on to raise millions more thanks to Canopy’s accelerator program.
Managing Director Micah Tapman said Canopy works kind of like a “mini MBA” program. Companies selected for the accelerator class get up to $80,000 in capital for their business and spend four months with Canopy’s advisors and mentors, who provide advice and assistance in building out the business and securing funding.
Tapman worked in the tech field for about 15 years before he saw an opportunity and got involved with Canopy. “For entrepreneurs, [marijuana] is a really interesting sector to get into,” Tapman said. “There’s this sense of opportunity here and a real ‘green field’ approach that can be taken in the cannabis sector, which you just don’t see [in other industries].”
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