Ben Larson and Carter Laren, who both serve as Director and mentor at the Founder Institute, an early-stage technology startup accelerator, are entering the cannabis industry with the launch of Gateway, which is backed financially by MJIC. TechCrunch reports:
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.
Based in Oakland, Gateway will seed both ancillary and direct cannabis companies.
Read Josh Constine’s “Marijuana Startup Incubator “Gateway” Fires Up”: http://techcrunch.com/2015/11/20/roll-up-that-term-sheet/