CanopyVentures™, a venture capital firm investing in companies providing value throughout the legal cannabis supply chain, today announced an investment of $750,000 in BDS Analytics, the cannabis industry's leader in comprehensive, actionable, and accurate market intelligence and consumer research. The Series B funding for BDS Analytics marks Canopy's first investment through Canopy Ventures I, the firm's $50 million venture fund targeting growth stage companies.
The investment into BDS Analytics is emblematic of the CanopyVentures investment strategy, mitigating legal risk by being a step removed from the cannabis plant, while betting on a service that has the ability to scale with the +30% compound annual growth rate of the cannabis industry. Key areas of investment for the fund include ag-tech, retail tech, data analytics, blockchain-based software, robotics, machine learning and biotech; all focused around the legal cannabis industry.
"BDS Analytics has a unique ability to scale alongside the growth of the overall cannabis industry, which gives us the opportunity to invest in long-term growth," said Micah Tapman, Managing Director of CanopyVentures. "As other industries take notice of the cannabis industry's growth and far-reaching impact, BDS Analytics will be their primary source of data and information about market trends, brand development, and consumer insights."
CanopyVentures is the investment arm of Canopy, which also hosts the well-known accelerator for ancillary cannabis companies, CanopyBoulder. Its affiliation and involvement with the accelerator gives CanopyVentures the expertise and experience to provide extensive hands-on guidance to the companies that it invests in.
"We have a longstanding familiarity with the team at CanopyVentures, having previously gone through CanopyBoulder," said Roy Bingham, CEO of BDS Analytics. "That familiarity helped us recognized the valuable hands-on support that the overall Canopy organization provides."
Canopy's venture arm, CanopyVentures, is an investment fund supporting growth-stage companies that operate in the ancillary cannabis industry. For more information, please visit www.canopy.vc.
Canopy's accelerator arm, CanopyBoulder, is a business accelerator and seed-stage investment fund located in Boulder, Colorado. Since 2015, it that has launched more than 75 businesses and made 100+ investments. The firm looks for startups with great teams working on hard problems in growing industries. For more information, please visit www.canopyboulder.com.
About BDS Analytics:
Headquartered in Boulder, Colo., BDS Analytics provides businesses with comprehensive, actionable, and accurate cannabis market intelligence and consumer research. The company provides a holistic understanding of the cannabis market by producing insights from dispensary point-of-sale systems through its market-leading GreenEdgeTM platform, driving consumer research with its Cannabis Insights Group, and generating market-wide cannabis industry financial projections. To learn more about how you can utilize BDS Analytics' superior market research, please visit www.bdsanalytics.com.
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