SAN FRANCISCO, Calif. – Pistil Data, the cannabis market intelligence platform, announced today it has closed a $6.5M seed round led by Casa Verde, with participation from JW Partners and several Silicon Valley tech entrepreneurs.
Founded by executives from Google and Baker Technologies, Pistil’s unique IP makes vital market intelligence accessible to cannabis brands of all sizes, helping a sector which previously has struggled with the complexity of industry data. Every day, Pistil’s cutting-edge machine learning technology distills billions of data points to deliver sales opportunities to its nearly 100 clients in Colorado and California. The platform’s emergence represents an industry turning point by providing critical information that was previously unavailable to brands.
“When it comes to data, we know there has always been a gap between what cannabis brands need and what has been available to them. Pistil makes order out of chaos, taking the guesswork out of cannabis sales,” says Dr. Jeffrey Graham, PhD, Co-founder and CEO of Pistil. “We are glad to have the support of Casa Verde as we set our sights on making Pistil Data available to every cannabis brand and distributor in North America.”
“We help our clients get into new stores, expand their shelf space, and get faster re-orders,” says Taylor Jones, VP of Revenue and Co-founder of Pistil. “Our clients appreciate how easy and intuitive Pistil makes it to find new sales opportunities.”
In just nine months, Pistil Data has built a client base of industry leaders such as Connected, Curaleaf, Herbl, and Raw Garden. The financing announced today will accelerate Pistil’s nationwide expansion and the further development of new kinds of market intelligence.
Yoni Meyer, Partner at Casa Verde said, “We invested in Pistil because its unique technology provides immediate ROI to its clients. The company’s growth trajectory, coupled with its stellar leadership, puts Pistil on track to be the preeminent data platform in cannabis.”
“We are thrilled for the entire Pistil team as they celebrate this impressive milestone,” said Mark Russ, President, West Region of Curaleaf. “The platform they’ve built, and mission to help companies increase revenue and build stronger relationships with retail partners is very much in line with ours. We look forward to working with them.”
(This information is primarily sourced from Pistil Data. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).