Cannabis tech firm BDS Analytics plans Nationwide Growth after $3.5M Increase

Cannabis tech Company BDS Analytics plans national expansion after $3.5M raise

Cannabis tech firm BDS Analytics is planning a national growth of its point-of-sale software and an increase in personnel because of a $3.5 million financing round.

The increase capped off the Boulder, Colorado-based firm’s Series B funding effort – headed by a $750,000 investment by Canopy Ventures I, also based in Boulder.

Major investors included Altitude Investment Management and Panther Prospect.

The new capital will allow BDS to launch its GreenEdge software nationally and enter new adult-use markets from the U.S. as more countries adopt recreational rules, said Roy Bingham, the firm’s CEO.

“A market becomes intriguing to us when it will become an adult-use marketplace,” Bingham said, “not due to this adult-use piece necessarily but because at that point the state enables third-party brands to move into these markets. ”

Initially, BDS expects to expand into Arizona and Nevada, with longer-range plans for Michigan and Massachusetts. The business serves clients in Florida, Colorado, Oregon and Washington state.

“Eventually the plan is to get a completely national footprint,” Bingham said.

BDS’ GreenEdge sales tracking software enables users to pull data and analytics through its dispensary point-of-sale system.

BDS will also use the new funds to grow its marketing and sales force – bumping the company of 30 employees up to 40 at the end of the year.

Canopy Venture’s investment in BDS was the first in its recently launched $50 million Canopy Venture I fund – that Tapman anticipates will include placements with up to 20 early stage firms.

BDS went through the program in 2015.

“We’re looking for long-term value and disruptive tech that will change how people do business,” said Micah Tapman, managing director at Canopy Ventures. “Companies where the center is about innovation in cannabis but has the capability to trickle over into other industries. ”

Bingham agrees that BDS’ GreenEdge platform has plenty of potential in different sectors, but for now he says that the firm is focused on cannabis.

“We definitely have some adjacent opportunities in grow facilities and garden-supply facilities,” he said, “but the reality is that the cannabis market is growing at about 28% each year.

“I don’t know about anything else that’s more appealing than that at the moment. ”

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