Headset, the US-based provider of a cannabis-focused data analytics platform, has completed a $12.1m series A round featuring Canopy Rivers, the corporate venture capital unit for medical marijuana producer Canopy Growth.
The round was co-led by cannabis-focused hedge fund manager Poseidon Asset Management and private equity firm AFI Capital Partners.
Founded in 2015, Headset has created software that aggregates to sales, pricing and trends data and reports from multiple sources to help analysts, producers, retailers and service providers in the cannabis industry make business decisions.
The series A funding will help the Washington State-based company expand its offering to other states in the US, as well as internationally. It is also targeting stakeholders in the consumer goods, beverage and alcohol and financial industries who are interested in the cannabis sector.
Narbe Alexandrian, vice-president of business development at Canopy Rivers, said: “We believe that Headset’s retail intelligence platform will revolutionise the way data is used in the cannabis industry.
“As the cannabis market matures, data is becoming central to competitive success. It is increasingly important to understand key trends, competition, buying shifts and target demographics in real time.”