Canopy, a Colorado-based, marijuana-focused business accelerator, has created a $50 million venture capital fund that will focus on “growth stage companies” in the cannabis sector.
The subsidiary, Canopy Ventures I, plans to target technology companies in the marijuana sector, the Boulder Daily Camera reported.
According to the Canopy Ventures I’s website, the company plans to make high-risk, high-reward investments in startup companies with the expectation that 60%-80% of its investments will fail.
Parent company Canopy raised $2 million for cannabis investments in 2016 after raising $1.2 million in 2015.
