CALIFORNIA: “People should be focused on the business, not hanging out and getting high” insists Carter Laren, co-founder of marijuana startup funder and incubator Gateway, which launches today in Oakland, CA. But even if you’re stoned, you should be able to see the opportunity here. Marijuana prohibition is coming to an end, and massive businesses will grow in its place. Gateway wants to seed them.
This year Gateway will back two classes of 10 cannabis startups with $30,000 each plus five months of office space in exchange for 6% of their equity. The cash comes from LA’s Marijuana Investment Corporation (MJIC), and will fund further rounds for top performers after Gateway’s demo days. Applications, in the form of four-minute videos, open today for the first class starting in 2016.