If you have a high potential bioproduct technology start-up serving the cannabis sector, we can help.
Innovacorp's Cannabis Technology Program is now closed for submissions!
The legalization of cannabis in Canada has the potential to create transformative change in our economy beyond the primary production and sale of the product. The cannabis industry will stimulate innovative start-ups in a variety of sectors. Technologies focused on producing and processing agricultural goods will have more opportunities for validation and scaling. New innovations in the bioproduct and natural health sectors will be developed.
Innovacorp and its partners want to help Nova Scotia start-ups make the most of these global opportunities.
The deadline for applications was Monday, January 7, 2019, at 11:59 pm AST. Shortlisted companies were notified by Friday, January 11, 2019, and invited to present to the selection committee on Friday, January 18, 2019.
Successful applicants will receive up to $50,000 in non-dilutive, non-repayable funding per company to address key technical and business milestones.
In addition to funding, companies will get access to one-on-one advice from an Innovacorp advisor and a team of mentors from program partners, including Sindica, Leaf Forward and Green Acre Capital. See below for details of what the partners can offer program participants.
Applicants must be a registered start-up based in Nova Scotia (or will be by program start date) with technology serving the cannabis industry in downstream or upstream markets.
Location: Nova Scotia-based (or will be by program start date) and registered with Nova Scotia Registry of Joint Stock Companies (RJSC); details on how to register with Nova Scotia RJSC are available from Service Nova Scotia
Stage: Early stage (less than $1 million in cumulative sales) and technology moving towards achieving a Technology Readiness Level Three (At TRL 3, active research and design begins, with analytical and laboratory studies to determine whether the technology is viable and ready to proceed through the next development steps. During TRL 3, a proof of concept is often built.)
Sectors: Technology serving the cannabis industry in downstream or upstream markets (e.g., lighting, genetics, robotics, fertilizers)
People: Founders and/or managers having industry knowledge, management experience and commitment to the venture
Market: Large, growing international market
Competition: High barrier to competitive entry
Execution: Credible plan to reach key milestones
Exclusions: Innovacorp investment portfolio companies are ineligible for this opportunity
How do I apply?
Innovacorp's Cannabis Technology Program is now closed for submissions. The deadline for applications was Monday, January 7, 2019, at 11:59 pm AST.
All applicants were notified about the results by Friday, January 11, 2019. Shortlisted applicants were invited to present to the selection committee on Friday, January 18, 2019.
For more information, please call 902.424.8670 ext. 1600 or 1.800.565.7051 ext. 1600 (Toll Free in Atlantic Canada), or email email@example.com.
All submissions will be treated confidentially and will not be made available to the public. Only those directly involved in managing or judging the competition will view submitted documents. While submission details will not be disclosed, the competition organizers reserve the right to announce those who advance to subsequent competition rounds. Materials presented during the pitch session will be considered public information.
The following partners will provide mentoring and other support for successful applicants of the Innovacorp Cannabis Technology Program. Representatives from our partner organizations will also participate in the selection committee.
Sindica is a global institute for cannabis research and innovation located in Brooklyn, Nova Scotia. Sindica will offer program participants access to the following resources:
- Sindica’s cannabis network – distribution, capital, design, product development
- In-house mentorship and access to external consultants
- Potential use of facilities to conduct R&D activities with cannabis (subject to contract terms and approval)
- Opportunity for follow-on investment
Leaf Forward is Canada’s first and leading cannabis business accelerator. Leaf Forward helps early stage cannabis companies grow by providing industry-leading mentorship, access to licensed space and connection to capital.
The Leaf Forward ecosystem supports cannabis entrepreneurs and companies from networking to ideation, all the way to early stage fundraising. Leaf Forward will offer the Innovacorp Cannabis Technology Program participants access to the following resources:
- Ongoing support through cannabis business expertise and access to a robust industry and mentor network
- Opportunity for follow-on investment of up to $50,000
Green Acre Capital
Green Acre Capital is a private investment fund dedicated exclusively to the Canadian medical and recreational cannabis industry. The fund invests in sectors across the cannabis value chain, including production, research, consumer products and retail.
Participants in the Innovacorp Cannabis Technology Program will have the opportunity to leverage Innovacorp’s partnership with Green Acre Capital to foster a relationship as a future candidate for investment.