Canopy Rivers Backs Headset In $3.2M Funding Round To Support Expansion

Headset, a cannabis SaaS platform, secured some $3.2 million in financing through a bridge round led by Canopy Rivers.

The Seattle-based data-driven tech company said Monday it intends to use the proceeds to fund its platform's expansion into the new markets.

Besides debuting in states and provinces where cannabis is already legalized, Headset plans to enter markets poised to open following this year's election.

CEO Cy Scott, who co-founded the company in 2015, explained that their "real-time market intelligence" supports both cannabis and CPG companies as well as financial firms to "find opportunity and understand the cannabis consumer." 

Headset aggregates point-of-sale derived data, which includes "sales, inventory, pricing, demographics and basket analytics," he added.

Narbé Alexandrian, Canopy Rivers' President and CEO, stated they are "happy to provide additional capital as they bring this service to new markets, raising the intelligence of the entire industry through data-driven insights."

Alexandrian was recently part of Benzinga's virtual panel discussion on venture capital investing in the cannabis industry.

Meantime, earlier this year, the company launched several innovations, including Insights Pulse and Headset Insights.

Insights Pulse is a tool that helps cannabis businesses to understand market trends.

Headset Insights is an intelligence tool providing cannabis companies in Alberta and British Columbia with data from both provinces' cannabis market.

Courtesy photo