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V.C. Fund Invests $750,000 in BDS Analytics' Series B Financing Round

May 16, 2018

 

Not long after announcing its launch, Canopy Ventures I, CanopyVentures' $50 million USD venture fund targeting growth stage cannabis companies, just announced participation in Boulder, Colorado-based BDS Analytics' Series B financing round with a $750,000 investment.

 

 

This investment in BDS marks CanopyVentures' first investment through the Canopy Ventures I fund, with many more to come. This was BDS Analytics' third funding round, bringing the total funding amount to $3.6 million USD according to leading private investment data portal Crunchbase

 

The investment into BDS Analytics exemplifies the CanopyVentures investment strategy, limiting legal risks by remaining on the ancillary side of the cannabis industry. While ancillary cannabis businesses are usually one to two steps removed from the cannabis plant, they still stand to benefit tremendously from the industry's growth. After all, all ships rise on high tide.

 

CanopyVentures is betting big on a data service that "has the ability to scale with the +30% compound annual growth rate of the 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."

 

 

As a signal of how quickly the company is beating out its competitors, it was recently announced that BDS Analytics replaced New Frontier Data as Arcview Market Research's partner for the 5th edition of its widely cited The State of Legal Marijuana Markets report. 

 

CanopyVentures is the investment arm of Canopy, which also runs the well-known accelerator for start-up 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."

 

Future focus areas of investment for the fund will include agricultural technologies, retail technologies, data analytics, blockchain-based software, robotics, machine learning and biotech - all focused around the rapidly growing legal marijuana industry.

 

To stay up to date with important developments in the cannabis industry, be sure to subscribe to one or more of our free email newsletters. Also, connect with The Daily Marijuana Observer on Facebook, Twitter, StockTwits and Instagram!

 

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Disclaimer: Except for the historical information and data presented herein, matters discussed in articles on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future performance or achievements expressed or implied by such coverage. Smoke Show Ventures, Inc., which owns The Daily Marijuana Observer, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Smoke Show Ventures, Inc., which owns The Daily Marijuana Observer, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. Before making specific investment decisions, readers should seek their own professional advice and that of their own professional financial adviser. Smoke Show Ventures, Inc. or its affiliates, which owns The Daily Marijuana Observer, may be compensated for its services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.dailymarijuanaobserver.com/legal-disclaimer/.