Canopy Rivers leads funding round of cannabis industry data analytics company

Canopy Rivers leads funding round of cannabis industry data analytics company

The cannabis company gets behind a $3.2-million funding effort led by analytics firm Headset

Canopy Rivers Inc. continues to make investments to support the development of the cannabis industry, with the latest capital injection going to a company that has become one of the leaders in providing data and analytics to the industry. Headset announced today that it has completed a funding round that raised a total of $3.2 million coming from a bridge round from existing investors in the company, including Canopy Rivers as the leading contributor. This extra funding will be used to expand the company’s market intelligence platform among more companies operating in the cannabis industry.

The first service was launched back in 2015 and, since then, Headset has become the leading company among dispensaries, retailers and brands, including organizations providing financial services and packaged goods to the industry. Thanks to Headset, these companies can capitalize on market trends and get insightful data about consumer’s purchasing behavior. The additional funds going into the company’s operations will help Headset expand its reach to new states and Canadian provinces with a legal cannabis market, including those that are opening after this year’s elections.

Despite the particular circumstances generated by the ongoing effects of the coronavirus pandemic, the adult-use market has been booming and currently, sales are up 25% despite major retail lags. “We’re grateful to our investors for their continued confidence in our vision,” said Cy Scott, Founder and CEO of Headset. “Our real-time market intelligence data helps cannabis operators, CPG companies, financial services and more navigate the competitive landscape, find opportunity and understand the cannabis consumer through our aggregated point-of-sale derived data which includes sales, inventory, pricing, demographics and basket analytics.”

Headset wants to help cannabis businesses to make better-informed decisions based on user data. The company focuses on the efficient collection and analysis of consumer transaction information through building models and dashboards to optimize a company’s daily operation. Canopy Rivers’ investment will help make it possible, and shows that the company still has room in its finances to branch out.