Pistil Data, A cannabis market intelligence platform, has closed a $6.5 million seed round led by Snoop Dogg’s Casa Verde. The funding round included participation from JW Partners and other entrepreneurs. Pistil Data makes market intelligence accessible to cannabis brands and organizes billions of data points to provide customized sales opportunities for cannabis brands.
The San Francisco-based company co-founders Jeffrey Graham and Taylor Jones launched the platform nine months ago. Since then, Pistil Data has built up a client base including Connected, Curaleaf, Herbl, Raw Garden, and Stiizy.
“My entry point into cannabis was as head of business intelligence for a large West Coast cannabis brand. I saw how they struggled to keep track of sales opportunities, and how everyone was maintaining their personal spreadsheets. Pistil Data CEO Jeffrey Graham told Nerdshala. “We lost deals because of confusion. Pistil was born out of trying to make things easier for companies like him by redefining the relationship of cannabis brands with Data. was born.”
Graham says he and Jones were able to address one of the brand’s most pressing problems, which is a lack of access to market intelligence. The pair believed that this difference was stunting growth and limited efficiency for cannabis brands.
“The cannabis industry is extremely complex and fragmented, and there is almost no industry standardization of products or retailers. Our technology analyzes and organizes billions of data points every day to provide customized sales opportunities for cannabis brands,” said Graham he said.
Pistil Data now aims to help cannabis brands find the next opportunity to sell their products at retail stores or re-order from current accounts. It aims to make it easier for cannabis brands of all sizes to find new sales opportunities. Since its launch, the platform has signed contracts with nearly 100 cannabis companies in California and Colorado. Graham also notes that more than 600 sales reps use the service each week.
With regard to seed funding, Pistil Data plans to accelerate its nationwide expansion and use it to launch new market intelligence products for brands and retailers.
“We have invested in Pistil because of its unique technology to deliver immediate ROI to its customer,” Yoni Meyer, partner at Casa Verde, said in a statement. Be the leading data platform in cannabis.”
In terms of the future, Graham said the company’s “vision is to help every cannabis business find new opportunities to grow. We want to address the challenges that the entire industry has faced around data. We think that our platform could eventually be the connective tissue for the global cannabis industry.”
Graham said the rise of Pistil Data in the cannabis industry is similar to the impact Bloomberg’s data platform has had on the financial industry. He said the company triggers a similar turning point for the cannabis industry.
“When Bloomberg took Wall Street out of manual analysis, spreadsheets, and human error, it opened up growth to the entire financial services sector. One company for each transformative industry to organize its data and unlock exponential growth Pistil is an equally positive and progressive disruption that will directly impact the maturity of the cannabis industry as it develops into a major global industry.”