"The partners and our investors couldn't be more excited about our inaugural cohort, especially the diversity of the companies included," says CEO Eric Gomez.
SAN DIEGO, CA (PRWEB) October 12, 2016
Canopy San Diego, Southern California's only seed-stage accelerator program for technology and business infrastructure companies that support the legal cannabis industry, is pleased to announce the companies participating in their inaugural cohort. As an accelerator, Canopy San Diego invests cash, mentorship, and services to accelerate the development of their portfolio companies. Canopy San Diego does not invest in companies that directly grow or sell cannabis and its derivatives.
The Canopy San Diego accelerator program consists of a 16-week cannabis-specific business accelerator program that is designed to accelerate business development and prepare the portfolio companies to raise outside capital upon graduation in early February.
Each company participating in the accelerator program will be given office space for up to four employees at the Canopy San Diego offices in San Diego and will receive at least $20,000 in seed capital with the opportunity for an additional $50,000 in follow-on funding upon graduation. Most importantly, the companies will be given access to mentors in virtually every aspect of business development, as well as access to serious investors interested in technology companies targeting the cannabis market who use the program as their due diligence process to make decisions about where to deploy larger amounts of capital.
“The partners and our investors couldn’t be more excited about our inaugural cohort, especially the diversity of the companies included,” stated Canopy San Diego CEO Eric Gomez. “The cohort includes several back-office technology solutions, two companies specifically targeting the growing medicinal cannabis market, a digital media platform, as well as some consumer products and an agriculture-technology project that we are excited about.
“The goal of Canopy San Diego is to build a balanced portfolio for our investors and we believe that we are off to great start with our first cohort,” Eric continued. “Additionally, we are extremely excited that four of the companies have female founders and that at least three of the founders belong to minority groups that are typically underrepresented in technology startups.”
The eight companies selected for the Canopy San Diego are:
- Cannabuds Company (Las Vegas) – Cannabuds is a cloud-based sales, inventory, and order-management platform offering deep-level analytics for the cannabis retailer, focused on eliminating pain points and user error by automating the most common business tasks.
- DCN Media (San Diego) – Direct Cannabis Network is a digital news publication that is dedicated to profiling the startups, entrepreneurs, and innovative companies in the cannabis industry. The DCN mission is to create a voice for the startups, a platform for the professionals, and an entrepreneurial community for the industry.
- Lodestone Data Technologies (Denver) – Lodestone Data Technologies is developing an enterprise-level inventory and grow management solution based on RFID technology to support the cannabis market. Their system automates inventory and captures data about a plant’s growth cycle from clone to harvest. APIs synchronize the cultivation data with compliance systems, minimizing error and maximizing efficiency.
- Loose-Leaf Technology (San Diego) – Loose-Leaf Technology brings cloud solutions to emerging healthcare sectors to help providers keep track of critical date safely and securely.
- LoudCloud (Los Angeles) – LoudCloud saves medical marijuana patients 15 minutes per visit by pre-verifying them in a secure database and enables consumers to discover products through reliable reviews from verified patients.
- MycoCann (Georgia) – MycoCann, Inc. is a cutting edge biotech firm dedicated to improving the way cannabis is grown. Their microbial soil amendments increase sustainability, boost soil health and supercharge your grow.
- Apothecarry Brands (Los Angeles) – Apothecarry Brands is a purveyor of luxury cannabis accouterment, providing high style and high quality goods designed with the upscale smoker in mind. Their premiere offering, the Apothecarry Case, is a luxury humidor and storage solution made to safely store herb at its freshest, most optimum quality while providing luxury tools and storage space for the discriminating connoisseur.
- Inner Peace Lifestyle Gear (San Diego) – Inner Peace LifeStyle Gear is the only cannabis carrying solution with Pure Odor Trap Technology™. They manufacture bags, packs, duffles, sacks, and more. Their mission is to bring Inner Peace to every sector of the cannabis carrying industry.
Five of the companies are relocating to San Diego for the next four months to participated in the program. Lodestone Data Technologies CEO stated: “Relocation to participate in the Canopy SD accelerator program was a no-brainer. The mentorship and pilot-program opportunities through their partnership opportunity with OutCo Labs will give Lodestone Data Technologies a solid foundation that will help refine the business concept, bring a solution to market, and partner with some of the most innovative minds in the cannabis space.”
Additionally, several companies participating already have products on the market. Adelia Carrillo, CEO of DCN Media, explained that "launching a startup is tough; launching a cannabis startup is even tougher, and we knew that by applying and being a part of San Diego's first canna-business accelerator, we would gain the knowledge, experience and growth needed to reach our goals of becoming a global digital news publication focused on cannabis innovation, business, tech, startups and entrepreneurship."
Canopy San Diego was formed through a strong partnership with the CanopyBoulder organization, which has operated similar business accelerators in Boulder and Berkeley for the past 2 years. The Arcview Group is a partner in CanopyBoulder which ensures a close relationship between Canopy San Diego and ArcView’s over 550 investor members that have placed more than $84 million into 131 companies.
Companies interested in participating in Canopy San Diego’s spring 2017 cohort, which will be launching in March 2017, can find additional information on the Canopy San Diego website (http://www.canopysd.com).
Canopy San Diego is also currently seeking mentors and investors that are interested in being part of the team. Additional information for mentors and investors can be found on the Canopy San Diego website.
About Canopy San Diego
Canopy San Diego is Southern California's only seed-stage accelerator program for technology and business infrastructure companies that support the legal cannabis industry. As an accelerator, Canopy San Diego invests cash, mentorship, and services in their portfolio companies to 'accelerate' each company’s development. In return, they hold a 6-9.5% equity position in each company and their investors share in the success of the portfolio companies. Canopy San Diego does not invest in companies that directly grow or sell cannabis and its derivatives.