Canopy, a Boulder, CO-based venture capital firm and business accelerator for ancillary products and services companies in the legal cannabis industry, has launched a $50m venture fund targeting growth stage companies.
Canopy Ventures I will invest in companies that provide value throughout the cannabis supply chain, which is projected to drive a total economic impact of over $40 billion by 2021 in the United States, according to Arcview Market Research and BDS Analytics.
Key areas of investment include:
– retail tech,
– blockchain-based software,
– machine learning and biotech,
all focused around the legal cannabis industry.
The growth fund complements Canopy’s existing accelerator and seed stage funds with typical investments targeting companies raising bridge or Series A rounds, in addition to follow-on investments in later rounds.
The fund, which has already secured initial financial commitments and plans to raise the rest from family offices and accredited individual investors, plans to make its first investments from the fund in late Q1 2018.
Canopy is led by Micah Tapman, Managing Director.