Cannabis tech accelerator opens in San Diego
Canopy San Diego now accepting startup applications for 16-week intensive
By: Jennifer Van Grove 7/21/16
While Californians consider legalizing recreational pot use, a few San Diego entrepreneurs are already casting their vote in favor of the state’s cannabis industry.
The group, called Canopy San Diego, is accepting applications for its pot-themed technology accelerator, a first for Southern California. The concept is to find and fund early-stage companies with ideas that can assist the state’s dispensaries and growers. That could range from water conservation tools to more optimal packaging; payroll software to analytics.
Canopy San Diego said it is launching now because it believes the state’s legal marijuana market is already sufficiently large enough to support new businesses. With sales projected to reach $2.7 billion this year, California is the largest medical marijuana market in the nation. And, if residents vote in favor of recreational use in November, the state’s cannabis industry is expected to swell exponentially.
“California is about the size of the rest of the legal markets combined,” said John Kagia, executive vice president of data analytics at New Frontier, which researches the industry. The next largest legal markets are Colorado, Washington, Oregon and Arizona, which generated between $215 million and $1 billion in sales last year.