Snoop Dogg’s Casa Verde sponsored a USD 6.5 million seed investment for Pistil Data, a cannabis market information platform. JW Partners and other entrepreneurs participated in the investment round. Pistil Data provides cannabis brands with industry insight and aggregates billions of data pieces to give personalized sales chances.
Jeffery Graham and Taylor Jones, co-founders of the San Francisco-based startup, launched the platform nine months ago. Pistil Data has since amassed a client list that includes Connected, Herbl, Curaleaf, and Raw Garden.
“My first job in the cannabis industry was as the head of business intelligence for a major West Coast cannabis company. Pistil Data CEO Jeffrey Graham said, “I noticed how they writhed to maintain the record of sales prospects, and how everybody was keeping their individual database.” “As a result of the uncertainty, we lost deals.” Pistil was founded to make things easier for businesses like theirs by rethinking the interaction between cannabis brands and data.”
According to Graham and Jones, they were able to pinpoint one of the most significant issues that businesses face: a lack of access to market knowledge. This divide, they argued, was suffocating cannabis brands’ growth and hampering their efficiency.
“The cannabis market is exceedingly complex and decentralized, with little in the way of product or retailer standardization. Every day, our system analyses and organizes billions of data points to present cannabis brands with personalized sales opportunities,” Graham added.
Pistil Data now wants to assist cannabis brands in locating the next opportunity to sell their products at a retail outlet or obtaining reorders from existing accounts. It also intends to make finding new sales opportunities for cannabis brands of all sizes easier. Since its introduction, approximately 100 cannabis enterprises in California and Colorado have joined the site. Graham further mentions that around 600 sales reps use the service on a weekly basis.
Pistil Data intends to use the seed money to speed up its statewide expansion and create innovative market intelligence products for brands and merchants. In a statement, Casa Verde partner Yoni Meyer said, “We capitalized in Pistil owing to its unique technology gives instant ROI to its client. Pistil’s growth trajectory, combined with its exceptional leadership, positions the company to be the dominant data platform in the cannabis industry.”
Pistil Data’s rise in the cannabis sector, according to Graham, is comparable to Bloomberg’s data platform’s impact on the finance industry. He believes the startup marks a similar key juncture in the cannabis sector.