Students get insight into cannabis industry
When it comes to getting involved in the budding cannabis business, having an idea of what you want to do and where you want to go is a good start, says Alex Blumenstein, co-founder of Leaf Forward.
“You need to be investable, have solid fundamentals and have a solid track record as a professional in the industry or as an entrepreneur,” he said Tuesday at Niagara College’s Niagara-on-the-Lake campus.
Blumenstein was at the college to talk about starting a business in the cannabis industry. The event was put on by nc Take Off, which hosts on entrepreneurial development programs on-campus and refer students to existing resources off campus.
Leaf Forward is Canada’s first cannabis business accelerator, which helps early-stage cannabis companies grow by providing industry-leading mentorship, access to licensed space and connection to capital.
“We create and support the ecosystem for cannabis start-ups. We host events across the country with monthly meet-ups where we bring in speakers from the industry … and we also run boot camps where we provide education and training for entrepreneurs to help them better understand the opportunities and regulations and build a better business.”
Leaf Forward, founded in January 2017, has a 12-week accelerator program that invests up to $50,000 into a cannabis business and helps open doors, raise funding and figure out business fundamentals.
“We have a vetting process and investment committee that narrows down the businesses we choose … they have to be investable,” said Blumenstein.
With four programs over the past year or so, 50 companies have come through. Leaf Forward invested in five.
“A handful of companies raised at least $2 million out of the program,” said Blumenstein.
He said it’s still early days in the cannabis industry and expects to see more successes in the long term.
Blumenstein said Niagara Region is becoming a hub for cannabis production and cultivation and it is good to see institutions such as Niagara College embrace the industry.
The college launched a commercial cannabis production in September, the first of its kind in Canada.
Madi Fuller, ncTakeOff project manager, said with Niagara’s new program the college wants to be a leader in the cannabis industry.
“Especially when it comes to education, awareness and normalization of legislation. We thought this event would be a good fit because we talk about innovation and entrepreneurship on campus.”
Fuller said two previous events about the cannabis industry attracted big names and ncTakeOff wanted to do a smaller event for students so they wouldn’t feel intimidated about asking questions.
“A lot of students are already coming to me with business ideas anyway.”
She said with the college having a partnership with licensed cannabis producers, it could form one with Leaf Forward as well, to help make connections on the business side of the industry.