Cannabis analytics firm, Headset said it has raised $3.2 million in a bridge round from existing investors, led by Canopy Rivers with participation from Poseidon Asset Management and others. The company said that the additional funding will be used to accelerate entry into new markets and expand the use of its market intelligence platform across the growing legal cannabis industry. The cash infusion will be used to help Headset expand into new states and provinces where cannabis is legal, including in markets expected to open up post-election.
“Headset has been a true innovator in this space, working diligently to provide customers with a platform that is essential to staying competitive,” said Narbé Alexandrian, President and CEO at Canopy Rivers. “We’re happy to provide additional capital as they bring this service to new markets, raising the intelligence of the entire industry through data-driven insights.”
Since its launch in 2015, Headset has become the leader in data analytics services used by companies within the cannabis industry such as brands, dispensaries, and retailers, as well as organizations in the financial services and consumer packaged goods, to capitalize on market trends and understand consumer purchase behavior. The company uses point-of-sale data as a resource versus survey techniques used by other analytical firms. The real-time data is valued by industry insiders. For example, the company just released a new market report for the month of August that takes a look at the current state of Canada’s Cannabis 2.0 products like edibles and indigestibles.
Headset’s own data shows average sales of cannabis products in adult-use markets are up 25% this year, despite retail lags in other sectors due to the pandemic.
“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.”