Cannabis market intelligence and consumer research company BDS Analytics announced the closing of an initial $7-million fundraising round on Tuesday.
The capital will be used to scale the company alongside the growing global cannabis industry, expanding the company's capability ccommodate the entire addressable cannabinoid market, BDS said in a press release. The round was led by KEY Investment Partners, Altitude Investment Management and 7Thirty.
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“Businesses across all industries rely on data and analytics to make informed decisions, and as the cannabis market grows, so must our technology and capabilities,” CEO Roy Bingham said in a statement.
“The industry’s forward momentum reaffirms the indispensable nature of our insights to help companies and industry leaders better serve their customers, and we look forward to continuing this work at a larger, more efficient scale.”
Additionally, Micah Tapman, managing partner and co-founder at 7Thirty, has been appointed chairman of BDS Analytics.
Tapman will use his background in technology to guide the next generation of innovation and operational efficiencies.
Pete Karabas of KEY Investment Partners will also be joining BDS Analytics’ board.
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