Toronto-based cannabis data and analytics company Strainprint closed a $3 Million (Cdn.$3.8 Million) Series A private placement deal. The round was led by strategic industry investor, Cesare Fazari, Chairman of Molecular Science Corp and seed investor of leading cannabis companies, Ample Organics, and Hydropothecary.
The round also includes a significant follow-on investment from NY-based, Core Strain Ltd., as well as participation from a number of Toronto-based capital funds. The company will use the proceeds for talent acquisition and to rapidly expand sales and marketing of its web platform across North America and into key international markets like Australia and Germany.
The company will also continue to innovate its outcomes-tracking mobile journal for patients with symptom-specific measurement protocols and ethics compliance, developed together with medical advisors. According to a company statement, since February 2017, tens of thousands of medical cannabis patients have tracked over 500,000 medical records on Strainprint’s mobile patient journal, generating over 7 million data points on strain efficacy and patient use. It is the largest and most granular longitudinal study of its kind and its growing by 25% per month.
“This funding round represents a key milestone for Strainprint that will allow us to capitalize on our first-mover advantage as the
premier source of medical cannabis use data.” Said Strainprint CEO, Andrew Muroff. “Amongst other initiatives, we plan to rapidly provision our team and SaaS products to serve international markets where imported Canadian cannabis is the primary source of the available product.”
It was also announced that investor Mr. Fazari will join Strainprint’s Board of Directors and will play an active role in strategic business development.