Boston University’s Innovate@BU is currently hosting their third annual Cannabis Startup Competition to find a promising new BU student or alumni-led company in the cannabis industry. The deadline to enter is Sept. 29, and the winner will receive $10,000 and consulting from Green Lion Partners.
Calling all #BostonUniversity students + alumni 🗣️
The application deadline for the BU Cannabis Startup competition is just a few weeks away!
Head to https://t.co/WSwry14xPJ by September 29th to apply.#cannabisstartup #cannabis #bucannastartup #cannabiz pic.twitter.com/KnqfdMOzQm— Green Lion Partners (@greenlionp) September 9, 2019
Innovate@BU is partnering with Green Lion Partners, a business-strategy firm whose main goal is to give cannabis a sustainable framework. Massachusetts legalized recreational marijuana in 2016.
While the competition facilitators are looking for creativity in a competitor’s business, they also emphasize social responsibility and policy reform, according to the competition’s website.
Taylor Aldredge (COM ‘10), a BU alumnus and last year’s winner, wrote in an email he believes competitions like these encourage participation in the cannabis industry.
“A competition like this impacts the cannabis industry by validating the creativity of the people that work in it and the plant’s impact as a medicine,” Aldredge wrote. “With a university like Boston University backing the competition and giving its support, you give students and alumni the opportunity to be creative within an emerging industry like cannabis.”
Entrants into the competition must be current BU students or BU alumni. The competitor’s startup idea has to be ancillary, meaning the company cannot come into direct contact with the actual plant but can interact with the industry.
“If you’re thinking about entering the competition, have a plan, know your company’s purpose, and use the competitions resources as much as possible,” Aldredge wrote. “With the War on Drugs and cannabis’ long history with the American government, your company has to address some piece of social activism or deal in social policy reform. Just follow the guidelines, and you’ll do quite well.”
The deadline to enter the competition is Sept. 29, and the finalists will be announced on Oct. 18. The finalists will present their pitches on Nov. 7 in the Questrom School of Business.
The finalists will be working in conjunction with advisors and mentors from the Green Lion Partners.
Magdalyn Boachie, a sophomore in the College of General Studies, said she likes the idea of the startup competition and is looking forward to seeing who wins.
“I do think it’s positive because it’s starting to become really common now,” Boachie said. “And there are so many dispensaries already out there.”
Casey Ramos, a junior in the College of Communication, thinks the competition is an interesting way to make cannabis more acceptable in society.
“I think it’s really cool,” Ramos said. “I think cannabis in general is becoming more widely accepted for its benefits outside of just getting high. It’s also so helpful for things like anxiety.”
