As more states pass laws legalizing the sale of cannabis, new retail stores are generating revenue. Just like any business, being able to track and monitor sales of individual products — from the popular to the unpopular — is an advantage for any shop owner who wants to improve their bottom line.
That’s where Headset wants to help. The Seattle-based startup just reeled in a $2.5 million round from Hypur Ventures, Salveo Capital, and Poseidon Asset Management for its marijuana retail business intelligence platform.
Headset’s software shows users sell-through data, promotion effectiveness, top-performing products, and more in real-time. It also offers insights into market intelligence; the platform is a market research and analysis tool similar to Nielsen, NPD or IRi, but for marijuana retailers and dispensaries.
Headset’s 177 customers range from cannabis brands, retailers, dispensaries, investors, media companies, and consulting firms across Washington, Oregon, Colorado, and California, as well as some international clients. Founded in 2015, the 10-person company has raised $3.3 million to date.
Cy Scott, Brian Wansolich, and Scott Vickers are the founders of Headset. The trio previously co-founded Leafly, the popular marijuana strain and dispensary resource platform that was acquired by Seattle-based marijuana investment firm Privateer Holdings in 2011.
There are now eight states that have legalized recreational weed and 29 that have medical marijuana programs. Arcview Market Research recently released a report noting how the North American legal weed market generated $6.7 billion in revenue last year; combined with the illegal market, it posted more than $53 billion.