Technology Archives - Green Market Report

Adam JacksonAugust 11, 2022


Akerna Corp. (Nasdaq: KERN) posted less than positive results as it missed expectations — showing that mixed demand and weaker sales are rippling through the sector. The cannabis tech firm released its second-quarter financial report card ending June 30, 2022.

Akerna missed expectations with total revenues of approximately $6.1 million during the period, a 24% gain from $4.9 million for the same quarter last year — missing Yahoo Finance Average analyst estimate for revenues of $7.1 million.

“We have continued to take important steps to grow revenue, reduce costs, and position ourselves for growth in the future,” said CEO Jessica Billingsley. “While client demand has been mixed thus far in 2022, and with softer sales and bookings in particular during the second quarter throughout the sector, we believe we are on pace for a year of solid growth in 2022, compared with last year.”

Software revenue was $5.9 million, up 33% from $4.5 million in the same time last year — with $600,000 worth of software bookings this quarter.

The company saw a gross profit of $4.2 million, or 69.8% of total revenues — up 42% versus $3.0 million in the prior year.

The company also reported a second-quarter 2022 GAAP net loss of $29.6 million — including a $24.1 million impairment of certain long-lived assets — versus a net loss of $22 million sequentially and a loss of $6.1 million last year. However, the company noted that reductions announced in June are expected to generate material cost savings in the second half of 2022.

Diluted loss per share in the fourth quarter was $0.83 cents versus diluted earnings per share of $0.12 cents in the same period last year.

“On the cost side, we’re pleased with our gross margin improvement over last year at 69%, and the expense reduction program across the board that we announced in Q2 should enable more material improvements going forward, beginning with our Q3 results,” Billingsley said.

Despite taking cost-reduction steps, the company said average new business deals decreased by 9% year-over-year.

Adjusted EBITDA was a loss of $2.1 million in the second quarter — down 22% from a loss of $2.3 in the previous quarter — versus a loss of $1.6 in the same period last year.

The company said it had $14.1 million in cash and restricted cash as of July 5, 2022 — following the closing of a $10 million financing via S-1 filed/effective on June 29, 2022. It said it would continue to “pursue strategic alternatives to optimize the capital structure and strengthen the balance sheet.”

Debra BorchardtAugust 8, 2022


Cantor Fitzgerald analyst Pablo Zuanic thinks Weedmaps or WM Technology Inc. (NASDAQ MAPS) could use a little more disclosure when it comes to talking about its statistics. While the analyst maintains his Overweight rating on the cannabis platform company, he also lowered his target price from $11.30 to $10.50. The stock was lately trading at $3.43 and the company reports its earnings on Tuesday after the market closes.

Zuanic sounds supportive of the company but seems to have tweaked his numbers and attributed that to a lack of visibility into the details backing those numbers. On the positive side, he notes that the company’s sales grew 6% sequentially at a time when most in the industry reported sales falling 3%). He also pointed out that Weedmaps is the “number one e-commerce marketplace and SaaS provider to the cannabis industry (close to 70% penetration of US retail shops; 16 million actively engaged monthly users; sales 5x those of comps like LFLY [NC] and 8x SBIG [NC]).” He went on to write, “Our anecdotal checks imply dispensary owners remain engaged with the platform and are not cutting spending.” Despite that, the analyst’s estimates for earnings are at the low end of the guidance range that Weedmaps had issued. His forecast is for sales of $60.9 million, while the range is $60 – $63 million.

Visibility Problems

The analyst outlined various issues he has with Weedmap‘s disclosures on its businesses. Zuanic was impressed with the company’s expanded suite of solutions but questioned whether they added to the top-line revenue. He wrote:

For starters, the company does not distinguish between the number of subscribers to the WM platform vs. the average monthly paying clients (AMPC). If we were to
assume both are the same (probably not), then it would seem subscription revenue per client is down (not a signal that paying clients are using the services more). The
company said WM business subscriptions were 20% of sales in 1Q22 vs. 23% in 1Q21; in that period, AMPCs increased 28%, so revenue per client would be down 5%.

The report also questioned the quality of the average monthly paying clients. While Weedmaps said that the AMPC grew, it didn’t dive any deeper into the quality of those accounts. Zuanic points out that he actually thinks this type of detail would be positive for the company. He thinks Weedmaps should break out the top five states and the penetration there. One example he gives is that adding paying clients that have stores with lower revenues isn’t as great as adding a client with higher revenue. He also believes that this type of transparency would shut down the complaints that Weedmaps continues to work with illicit operators – a claim Weedmaps denies.

It was also suggested that Weedmaps begin to report a type of same-store sales statistic. Retailers often use these statistics to show growth in established stores. Zuanic thinks Weedmaps could report on whether its established paying clients are increasing their spending year-over-year. He also would like to see more information regarding the monthly average users. Weedmaps claims it has roughly 40 million users, but of that number – how do they actually use the site? Zuanic would like to see statistics comparing search versus transactions.

Marketing Budgets

Zuanic also took a look at how much companies were allocating in their budgets for Weedmaps and sees a silver lining. He wrote, “We calculate CA accounts are spending about $8,000 per month on the platform (62% of 1Q22 sales of $57.5Mn divided by 3 months and by ~1,400 accounts) vs. >$2,000 for the rest. Very roughly, we estimate CA retailers (brick & mortar and online) generate about $3.8Mn in sales per month ($5.3Bn per year / 1,400 accounts) or $320K per month. If they spend $8,000 on the WM platform, that would be 2.5% of sales. If we assume these stores would spend 7-10% in marketing ($22-32K), then MAPS has room to expand penetration per store.”

Adam JacksonJuly 20, 2022


Seed-to-sale technology firm Alleaves said it raised $40 million in a Series A funding round to expedite a multi-state commercial rollout, led by investment group The Eleven Fund at a valuation of $240 million.

The financing deal comes during a time when a lack of cash is forcing cannabis companies to find new and creative ways to raise capital. The deal is Eleven Fund’s second investment, as it raised $125 million last December for Pear Therapeutics – a software-based digital therapeutics platform designed to treat disease and enhance the efficacy of pharmaceuticals. 

“I have watched the cannabis industry evolve from the backwoods of society to a major US industry, said The Eleven Fund CEO Hartley Wasko, “yet the industry remains handicapped by a number of structural and regulatory factors, in addition to the challenges of what has largely been home-brewed cottage industry technology.”

While the past few years have served well enough for companies looking for an injection of investment, rising interest rates and the sobering lul of U.S. federal legalization has crimped industry optimism of companies interacting with banks and credit card companies anytime soon. Companies in other sectors of the industry such as Leaflink and Bepoke Financial have ventured to remedy this issue by expanding their fintech capabilities and implementing direct payment services.

“We are thrilled to secure this strategic capital financing to accelerate our best-in-class seed-to-sale platform,” said Alleaves CEO Michael Beedles. “Although we have been profitable since inception, this injection of capital from The Eleven Fund will accelerate our bold growth plans and expand our technology platform and commercial deployment.”

Data provided by Viridian illustrates this cash crunch, as capital raising has significantly dipped across sectors including cultivation, retail and real estate.

With the completion of the deal, Alleaves will advance a multi-state commercial rollout with other industry MSOs. In addition, the company will look to acquire and absorb complementary cannabis technology platforms to both expand its customer base and create a seed-to-sale software, transaction and compliance platform.

“As a technology investor, I have been waiting for a true enterprise class technology company to come along and usher the cannabis industry into the realm of the modern technology era,” said Wasko. “I believe that company (Alleaves) has finally arrived and is on the cusp of a major transformative growth opportunity.”

Debra BorchardtJuly 20, 2022


Cannabis platform tech company Dutchie is jumping into the world of fintech with the launch of Dutchie Pay, a fully-integrated digital payment solution. Cannabis companies have faced huge challenges on the payment side of the business since the major banks and credit card companies refuse to work with cannabis. The product remains federally illegal and that is enough for these financial institutions to just say no.

While many see this as a huge challenge, that issue has created a chance for innovation and payment creativity. Dutchie Pay is designed to reduce reliance on cash by providing dispensaries and consumers with a convenient and secure way to pay. It is a closed-loop automatic clearing house (ACH) solution, in which Dutchie Pay allows consumers to purchase their cannabis products online while automating compliance for dispensaries.

“Cash creates too many safety risks and is inefficient. Our industry cannot meet its full potential without modern payment solutions available at scale,” said Dutchie Chief Product Officer and Co-Founder Zach Lipson. “Dutchie exists to create safe and easy access to cannabis. Dutchie Pay advances our mission by integrating a simple and secure product that makes cannabis purchases safer, easier, and more accessible for dispensaries and consumers alike.”

Dutchie said it launched the payment platform with alpha and beta testing in the first half of 2022. The company said that on average, order values have already increased by 30%. It decreased abandoned cart rates by an average of 32%. It also reduced customers’ cash management costs by at least 15%. Dutchie Pay also drives repeat purchases, with 82% of consumers making at least a second purchase since signing up.

Dispensaries have been bedeviled with figuring out how to accommodate customers who expect to have a normal e-commerce transaction experience while maintaining compliance with the companies who do not want to be associated with cannabis. Currently, roughly 90% of all dispensary transactions are handled in cash, creating inefficiencies in operations and added safety risks. Dutchie Pay is a one-click digital payment option for cannabis products online and for delivery via a direct ACH bank transfer. Dutchie Pay allows consumers to quickly connect their bank account and pay directly at checkout.

Behind the counter, Dutchie Pay fully integrates with Dutchie’s e-commerce and point of sale (POS) solutions, providing businesses with a single-vendor advantage to help streamline operations. Dispensaries no longer need to rely on multiple software providers and with this level of integration, retailers can significantly reduce human error, maximize sales, serve more customers, and generate more revenue.

“Our customers increasingly want to buy cannabis products without using cash and without paying ATM or other fees. Dutchie Pay has improved their overall shopping experience while resulting in higher basket sizes and customer loyalty,” said Joshua Kahn, Owner at Takoma Wellness Center. “With Dutchie Pay, I have a one-stop, one-click solution that is fully integrated with e-commerce and point of sale that provides a seamless shopping experience for my customers, a safer work environment for my team, and accelerated growth for my business.”



StaffJune 30, 2022


Despite being in financial trouble, cannabis tech firm Akerna Corp. (Nasdaq: KERN) announced the pricing of an underwritten public offering of 29,382,861 units with common stock warrants. The units are being sold at a public offering price of $0.23 per unit and the pre-funded units are being sold at a public offering price of $0.2299 per pre-funded unit. The news sent shares tumbling almost 50% in early trading to lately sell at 14 cents per share. The offering should bring in roughly $6.7 million.

The company said it would use the proceeds for general corporate purposes, including servicing our ongoing debt obligations under our convertible notes, working capital, marketing, product development, and capital expenditures. The company ended the first quarter with $10.2 million in cash.

Just last month Akerna said it would engage in a plan to cut its workforce and operating costs in order to focus its resources, accelerate its path to profitability, and create stakeholder value. These moves won’t be cheap as the company said it expects to report $690,000 in total costs in its second quarter of 2022 to pay for the layoffs, including the following cost elements: $630,000 in severance and associated payroll taxes; $40,000 in legal costs; and $20,000 in employee insurance benefits.

The company has noted when it told investors that it was undergoing a strategic review, that it would need additional funding. Former CFO John Fowle said at the time, “The ability of the company to continue as a going concern is dependent on our ability to secure other sources of financing, reduce debt, and attain profitable operation. Our corporate liquidity requirements primarily include payroll costs, corporate overhead expenses, and debt service costs and our current sources of liquidity include cash on hand, as well as proceeds we anticipate from the access to our ATM programs. The board is addressing the working capital deficiency and considering all options available to the company in the best interest of our shareholders.”

The company’s recent filing spelled out the news more starkly saying, “If we cannot timely raise additional funds, we may also be unable to meet the financial covenants of the Senior Convertible Notes, which could result in an event of default under those instruments which could negatively impact the company.”




Debra BorchardtJune 29, 2022


The cannabis tech firm CannaRegs announced that a lawsuit that was filed against it has been dismissed. CannaRegs is a  technology platform that provides users enhanced access to all state and municipal cannabis rules and regulations. It was acquired by Fyllo in January 2020. Fyllo is another cannabis tech firm whose CannaBrain marketing technology ingests and interrogates billions of data points, allowing brands to safely build and execute advertising campaigns while also enabling publishers to create and monetize compliant ad inventory. At the time of the acquisition, Amanda Ostrowitz, CannaRegs’ founder and CEO,  joined Fyllo as its Chief Strategy Officer reporting to CEO Chad Bronstein.

The case was voluntarily dismissed this week after the executives were unable to provide proof of their claims. The parties stated,

Lester Firstenberger and Sathya Rajavelu (“Plaintiffs”) have decided to voluntarily dismiss their lawsuit against Regs Technology, Inc. and Amanda Ostrowitz (“Defendants”) relating to the sale Plaintiffs’ ownership in Regs Technology.  When they filed the lawsuit, Plaintiffs believed that at the time of their divestment, Ostrowitz and the other defendants named in the original complaint had been negotiating the sale of Regs Technology and had concealed this negotiation from Plaintiffs.  Since the filing of this lawsuit, discovery has revealed that Plaintiffs were mistaken in their belief that discussions pertaining to the sale of Regs Technology had preceded their divestment in Regs Technology.  In light of this, Plaintiffs have in good faith decided to dismiss the lawsuit.”

Ostrowitz said, “I’m grateful to have this litigation behind me and move onward to the next chapter. Also if it can serve as a cautionary tale, I would tell other entrepreneurs that in this litigious society this can happen to anyone, even if you play by all the rules. If I could go back in time and give my young entrepreneur self any advice, it would be to create a “litigation” savings account and put aside at least 5% of each paycheck, and hope you never have to use it.”


Months after the acquisition, former CannaRegs executives Lester Firstenberger and Sathya Rajavelu filed a lawsuit claiming they sold their 11.8% interest in the company for $178,942, based on a $1.5 million valuation of the company. They claimed that Ostrowitz stayed quiet about her potential acquisition which they say valued the company at $10 million. Their lawsuit accused Casters Holdings, Inc. d/b/a Fyllo (“Fyllo”), Regs Technology, Inc. f/k/a CannaRegs, Ltd., Amanda Ostrowitz, Phyto II, LP, Panther Opportunity Fund, LLC, Larry Schnurmacher, David Friedman, Ramie A. Tritt and Jordan Tritt. They claimed they would not have sold their interest had they known it would be valued much higher only four months later.

No Evidence

According to a letter filed in the case on May 19, 2022, “Plaintiffs, however, have not come forward with a single iota of evidence showing that there were communications between Defendants and Fyllo prior to September 16, 2019. What is more, in order to prevail on their claim that Defendants breached their fiduciary duty to them, Plaintiffs would need to show far more than just preliminary communications. They would need to show that a firm offer was made prior to September 16, 2019.”

The letter went on to say, “Without the evidence needed to make this showing, Plaintiffs have resorted to scorched earth discovery in the hopes of possibly discovering a new claim or theory or leveraging a settlement through discovery costs. Plaintiffs’ efforts include 174 separate document requests, 41 interrogatories, a 32-page discovery letter, a 17-page single-spaced letter motion, multiple motions to compel, multiple requests for hearings before this Court, and multiple iterative requests to the Court to follow up on issues that counsel forgot to raise during lengthy hearings.”

Continued Expansion

Despite the lawsuit, Fyllo has continued to build up the company. A couple of weeks ago, Fyllo said it was buying NineSixteen, an interactive retail display network that delivers high-impact digital experiences in physical retail locations. NineSixteen will bolster Fyllo’s widely-used retail offering, which was created to build stronger connections with today’s most progressive consumers. The company has also expanded into the cryptocurrency vertical.

“Since launching in 2019, Fyllo has rapidly expanded to address the cannabis industry’s need for compliant marketing solutions and jurisdiction-level regulatory solutions. With similar challenges and high-growth opportunities present in the cryptocurrency vertical, expanding our Regulatory Database to serve them is a natural evolution of the business,” said Chad Bronstein, CEO and Founder of Fyllo.

The Fyllo Regulatory Database for cryptocurrency addresses the needs of organizations with this unique challenge, allowing them to scale rapidly with access to information they need to prepare themselves for disruptive compliance infringements. Automated alerts can be set up through the database, notifying users if something changes, enabling them to spot trends and filter through information faster. The platform will be available through a SaaS self-service model, providing instant access to the latest regulations.


StaffJune 9, 2022


Cannabis seed-to-sale platform company Canix raised $10 million in funding from venture capitalists.  Canix launched in 2019 from Y Combinator and, in 2020, won TechCruch Disrupt Startup Battlefield. Both founders were also featured in Forbes 30 Under 30. Since then, Canix has expanded to serve 2,300 licenses across 15+ states and 6 countries.

“This is a huge milestone for us. Our goal has always been to help businesses in the cannabis industry thrive,” said Stacey Hronowski, Co-Founder and CEO of Canix. “The industry will experience unprecedented growth over the next 12 months. With that growth comes supply chain and logistical challenges. This backing allows us to keep up with that growth; further developing our product and providing operators with the best tools to run a profitable cannabis business.”

Canix said that the money will jumpstart the development of features for cultivation forecasting, material resource planning (MRP), warehouse management, and procurement. It will also be used for expansion as more states legalize cannabis. While there are several existing seed-to-sale companies in the cannabis space, many companies have been dissatisfied with them which has continued to create opportunities for competition

Armed with the data, customer feedback, seasoned product team, and funding, Canix now has the tools to build the preeminent cannabis ERP. Recently built integrations such as Sage Intacct, product costing tools, and multi-facility management, have made Canix a must-have for large operations.

“Software will have a profound impact on the trajectory and pace of the industry,” said Artem Pasyechnyk, Co-Founder and CTO of Canix. “Our continued investment into innovative solutions to solve the unique problems of the cannabis space will allow us to unlock the full potential of the critical compliance and operational data that our customers have been gathering for years. We are thrilled to have the opportunity to turn all these data points into actionable insights and forecasts for the industry at large, and empower us all to thrive in the era of legalization.”

Additional features included in the platform are: live inventory management for sales teams, sales and invoice creation, harvest yield tracking, open API for data integrations, RFID scanning tools, non-cannabis inventory management, purchase order placement, manufacturing batch tracking, custom label creation, Task Management, and extensive reporting.

StaffMay 20, 2022


Cannabis plant tracking company Metrc has named Michael Johnson, a Metrc veteran who has been serving as president and chief financial officer as CEO, effective immediately. The former CEO Jeff Wells, who was also co-founder and chair of the board of directors, has transitioned to chief visionary officer. The company also announced that Lewis Koski, who has served as a chief operating officer since 2019, has been promoted to chief strategy officer. Additionally, Steve Asma, the operations and customer experience leader joins the Metrc team as senior vice president of customer experience.

“This is an exciting time for Metrc, with technology advancements at the forefront that will pave the way for more sophisticated programs that maintain safe and secure markets,” said Jeff Wells. “As we rapidly expand our business, we feel it’s the perfect time to restructure and expand our leadership team. Since joining Metrc, Michael has been integral in scaling our company, driving core financial decisions, and enhancing business practices across the board. It’s been a privilege to serve and represent Metrc as CEO – I’m exceptionally proud of the work we’ve accomplished, and I’m excited to continue to work closely with Michael in his new role. Transitioning to CVO, I’ll have the opportunity to help craft and see through the long-term vision for our company – to provide the necessary data for the assurance of a secure, diverse, and resilient legal cannabis market, along with exceptional service. Our brightest days are ahead of us.”

Metrc currently holds exclusive government contracts in every region of the U.S., with a total of 21 government contracts to date. With four newly announced state contracts in March and April 2022 alone, Metrc sits at the forefront of radio-frequency identification (RFID) data collection for regulatory compliance in the country. To date, the company has a 100% contract renewal rate and has tracked more than 150 million cannabis plants and 70 million packages – these numbers are expected to rapidly grow with the expansion of existing markets and the creation of new ones.

Michael Johnson added: “It is an honor to become the CEO of such an innovative and groundbreaking company. This dedicated and creative team has collectively guided our business processes and substantially expanded our operations, providing a bedrock for the efficient and impactful company we’ve become. I’d like to express my deepest gratitude to Jeff, our management team, and the board of directors for the opportunity to spearhead the advancement of our RFID technology and SaaS platform, which is transforming the regulated supply chain sector. I look forward to leading Metrc in its next chapter of growth – furthering our mission to power technological innovation and data-driven regulations.”


StaffApril 22, 2022


This article was republished with permission from Cannabiz Media. 

Cannabiz Media has been tracking cannabis and hemp licenses globally since 2015. Over those seven years, we have aggregated a mass of data on licenses, companies, and transactions that result in change of license ownership.

After compiling 500 transactions in our Cannabiz Intelligence platform, we wanted to take a closer look at how key publicly traded MSOs were adding to their store footprints. Our goal was to determine which stores were “built” versus those that were “bought”.

Key Findings

  • Almost 12% of US cannabis stores are owned by a public company.
  • 338 of these stores have changed hands, and 29 public companies were involved in these transactions.
  • Almost 60% of the store acquisitions occurred in five states (Florida, Colorado, Pennsylvania, California, and Arizona).
  • The number of stores changing hands has increased every year. In 2021, we found 185 stores that were purchased, up from 53 in 2020.


According to the Cannabiz Media License Database, there are currently 8,909 stores/dispensaries in the US. Of those licenses, 1,048 (11.8%) are owned by public companies, and we found 338 stores that changed hands. A total of 29 public companies were involved in these transactions.

The graph below shows the number of stores that have changed hands. We only included closed deals.


In trying to assess the footprint impact, we compiled the number of stores bought against the number built or awarded. The Leaderboard below shows public MSOs that bought at least 10 stores.

Based on our analysis, Trulieve has bought the most stores (54), and that accounts for 32% of its footprint. AYR Wellness purchased 42, accounting for 62% of its stores. Curaleaf, a company with a very large footprint, has only acquired 15 stores. $1.2B was spent by these firms to acquire these licenses.


  • In the table above, Schwazze bought 77% of its licenses with AYR Wellness at 62%. Cresco comes in third at 56% though this will change once the Columbia Care acquisition is complete.
  • Verano spent the most at $202 million with Cresco at $178 million and Trulieve at $176 million.
  • Verano paid the most per store at $9.64 million while Schwazze paid the least at $1.79 million.


More stores were acquired in limited license states rather than unlimited license states. Limited license environments are more predictable thanks to the oligopolistic protections afforded by the regulations.  Early entrants are well positioned when the inevitable adult use market opens, and they have advantages including customers, marketing, branding, real estate and established relationships with regulators.

The M&A Hotspots Table shows the states that public MSO’s invested in.


We do not see this trend ending anytime soon. The latest blockbuster deal of Cresco and Columbia Care will run into license cap issues in some states, and this will require divestiture. In future posts, we plan to look at the license cap issue and delve into which states have had their licenses MSO’d – like Connecticut. We welcome your questions as well, so reach out directly to ekeating


Analysis like this is as much art as science, so here is some of the logic we applied:

  • Only active licenses are counted. Pending and applied are not included, nor are future licenses that a company has the right to operate. This approach makes some of the Pennsylvania licenses look very expensive as operators bought these licenses knowing they could run multiple stores.
  • In large deals where a variety of assets were acquired, we backed out the value of cultivation/manufacturing assets based on comparable transactions when available.
  • We strive to be comprehensive but we may not have caught every deal, and in some cases, the MSO may have deemed a small acquisition as immaterial.
  • In addition to the Cannabiz Intelligence platform, the team derived deal data from SEC and SEDAR filings as well as company press releases, investor decks, and investor relations staff.


Ed Keating is a co-founder of Cannabiz Media and oversees the company’s data research and government relations efforts. He has spent his career working with and advising information companies in the compliance space. Ed has managed product, marketing, and sales while overseeing complex multijurisdictional product lines in the securities, corporate, UCC, safety, environmental, and human resource markets.

Shea Sanford is Product Manager for Cannabiz Media’s Cannabiz Intelligence product.  He’s responsible for sleuthing out corporate transactions and keeping track of MSOs, SSOs, REITs, SPACs and any other acronyms we can find.

Cannabiz Media customers can stay up-to-date on these and other new licenses through our newsletters, alerts, and reports modules. Subscribe to our newsletter to receive these weekly reports delivered to your inbox. Or you can schedule a demo for more information on how to access the Cannabiz Media License Database yourself to dive further into this data.


StaffApril 5, 2022


Cannabis data firm Hoodie Analytics (Hoodie) announced the close of its inaugural round of fundraising at an undisclosed amount, along with key positions on its strategic advisory board. The inaugural round was led by Greenlight Ventures, Satori Investment Partners, and individual investors Bart Swanson, Steve Weisman, Brian Schindlere, Lorne Gertner, and Jim Belushi. Hoodie said the raise positions it to expand its product and sales efforts. Hoodie’s inaugural round also marks the first investment out of Arcview’s new Seed Fund which operates with sponsorship from Entourage Effect Capital. As part of the financing, Gregg Steinberg, Jim Belushi, and Lorne Gertner will join the Hoodie Strategic Advisory Board.

Hoodie tracks over 3.5 million daily unique offers in over 8,000+ dispensaries in the US and Canada. Hoodie also provides next-day insights so businesses can access market trends and data within hours.

“We founded Hoodie to close the last mile of actionable product insights. We are aiming to create a nexus of industry data: a product graph to connect all industry players together and speed up critical insights. Not only for cannabis brands but for consumers as well,” said Wes Shepherd, Chairman and Chief Executive Officer at Hoodie. “Our core competency is processing massive volumes and a variety of data. Where we differ is that we can build applications equally well. We can deliver insights to people in a variety of roles whether it’s a brand’s salesperson or a dispensary inventory manager or even a webmaster looking to create a product locator for consumers to find their products.”

Cannabis tech has been finding itself awash in investor money. A similar data firm raised $3 million in new capital in November of 2021 and looks to have raised over $11 million to date. BDSA Analytics is also thought to have raised roughly $12 million to date. All of these companies are privately owned.

“Hoodie solves a major problem for the cannabis industry at large. Every day we are out of stock in a dispensary means customers and patients can’t get the medicine from 1906 they depend on,” said Peter Barsoom, Co-founder and CEO of 1906. “We finally have a platform our sales team can use to ensure dispensaries are always in stock.” Hoodie’s aim is to track every product, in every dispensary, in every state and province, every single day, and combine this data with ease-of-use as its guiding principle, ensuring that even the busiest salesperson is able to maximize their brand’s sales and efficiency and every consumer can locate their favorite products reliably.

“We are thrilled to make Hoodie Analytics the inaugural investment of the Arcview Seed Fund along with the support of Entourage Effect Capital,” said Jeffrey Finkle, Chief Executive Officer of The Arcview Group. “Hoodie cracked the code with tracking at nearly every dispensary. It’s the broadest suite of competitive intelligence tools that help dispensaries and brand sales teams make smarter decisions and drive revenue.”

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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