Here's an exclusive look at the 14-slide presentation that cannabis-tech startup Pistil Data used to raise $6.5 million from Snoop Dogg's venture fund and a cofounder of Wired magazine
The company raised from investors, including Snoop Dogg and a cofounder of Wired magazine.It's no secret that cannabis-tech startups are having a moment. Investors havePistil Data, which uses data to help cannabis brands figure out how to target and boost sales, closed a $6.5 million seed round led by the cannabis-focused venture firm Casa Verde — which counts Snoop Dogg as a member of its team — on Tuesday. and John Battelle, the media entrepreneur who started Wired magazine in 1993.
Cannabis-software companies are like the picks and shovels of the gold rush: They're figuring out ways to solve problems for the cannabis industry, where regulations often change and consumer tastes remain fickle and hard to pin down. CEO Jeffrey Graham said he started Pistil after a stint leading business intelligence for Norcal Cannabis Co., a West Coast cannabis brand.
While he was trying to learn the industry, he said, he discovered"really big gaps" in the types of data available to cannabis companies — particularly compared to what he used to analyze in his previous career as a leader of market research and analytics teams at tech companies such as Twitter and Google.
"It just wasn't available to cannabis companies," Graham said."And that seemed to be really holding them back from making good decisions and kind of bogging them down in a lot of work that was inefficient and people didn't enjoy."Graham said he wants Pistil to be the first thing that sales teams open on a Monday morning when they're planning their week.
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