BDS ANALYTICS RECEIVES INFUSION OF $3.5 MILLION

Boulder’s BDS Analytics, a leading data repository for the cannabis industry, just landed a cash infusion to fuel its ambitions of national and international expansion.

BDS received $3.5 million to build up its sales and development workforce in Michigan, New England and Canada — places that have legalized recreational marijuana or soon will.

“It’s now easier for us to expand into new markets as they take off, because our product has been developed and our reputation precedes us,” BDS co-founder and CEO Roy Bingham said.

Since its founding in 2015, BDS has raised $8 million and implemented its GreenEdge sales tracking software and consumer analytics platform in a half-dozen legal markets: California, Colorado, Oregon, Washington, Arizona and Nevada. The latest cash infusion should help maintain the technology but primarily will go toward making six sales and business development hires in the new markets, Bingham said. By the end of the year, the company will add another half-dozen workers, bringing its total workforce to more than 40.

The round was led by CanopyVentures, the new investment arm of Boulder cannabis startup accelerator Canopy Boulder, and New York City-based Altitude Investment Management.

The $750,000 investment in BDS was the first for Canopy Boulder’s $50 million Canopy Ventures I fund targeting emerging companies in the ancillary sector of the cannabis industry.