EXCLUSIVE: Cannabis Data Firm Hoodie Analytics Secures $5M Funding With Large Institutional Backers

Cannabis technology and market insights provider Hoodie Analytics has successfully closed a $5 million Series A funding round, Benzinga Cannabis has learned exclusively ahead of an official announcement. The funding will be instrumental in expanding its newly launched platform, which delivers comprehensive market insights and product data management specifically tailored for the cannabis industry.

The financing round, led by Measure 8 Partners, included participation from Entourage Effect Capital (EEC) and Satori Investors, with an additional $1 million earmarked for a follow-on raise.

Investor Confidence And Strategic Growth

Early backers in this series A round included Greenlight Investors and OlsonUbben, led by Tony Olson, founder and chairman of SPINS, a provider of wellness-focused data and analytics for the CPG industry. The round also had continued support from insiders such as Arcview Ventures Seed Fund, Arcview Collective Fund and Tech Nexus, highlighting Hoodie’s robust backing from previous investors.

"We are immensely impressed by Hoodie's innovative strides in developing a state-of-the-art analytics tool for the cannabis sector," said Boris Jordan, founder and partner of Measure 8 Partners. "We are confident that the ability to make informed, data-driven decisions will become increasingly critical for cannabis industry stakeholders as the sector matures."

Stronger Leadership

Hoodie Analytics also announced the strengthening of its leadership and governance structures, welcoming David Navama, co-founder of Vitamin Capital and former president and chief innovation officer of SPINS, to its team.

Additionally, Timur Sultanov from Measure 8 Partners joins the board of directors, along with board observers Andy Sturner from Entourage Effect Capital and John Campbell from Satori Investors.

Positioning For Hyper-Local Market Precision

Wes Shepherd, CEO and chairman of Hoodie commented on the platform's unique capability to provide granular market data down to the individual dispensary level. "The cannabis industry serves such a large and diverse consumer base that overarching market demands and consumer trends cannot accurately predict customer behavior at a hyper-local level... Only Hoodie provides granular market data down to individual dispensary level for brands and operators. We help them position their product in front of their target audiences to maximize sales and success."

With this new capital, Hoodie aims to further enhance its suite of tools, ensuring that cannabis businesses, regardless of size, can leverage detailed insights to optimize their market strategies and operational efficiencies.

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