Boulder Colorado-based venture capital firm Canopy is launching a $50 million fund targeting growth stage ancillary cannabis companies raising bridge, series A round, and follow-on funding. The fund, Canopy Ventures I, will complement the firm’s existing accelerator and seed stage funds.
“We’re providing smart money to great companies with a proven model. One area where Canopy provides a distinct advantage is our ability to not only contribute money, but to also provide strategic insights, valuable introductions and hands-on support for the long term.” – Micah Tapman, managing director of Canopy, in a press release
Jamul Jadamba, managing director of Propagule, LLC, and one of the initial investors in Canopy Ventures I, said the company “invested in the fund because it has the right strategy and the Canopy team has the expertise, experience and access to execute it.”
“On the macro level, we recognize the historic opportunity presented by the legal cannabis industry. We believe that legalization in North America and across the globe is a secular trend that makes moral sense and has become irreversible.” – Jadamba, in a statement
Canopy has secured initial financial commitments for the new fund, preparing on making the first investments from the fund in the late first quarter, and plan to raise the rest from accredited individual investments and family offices.