Cannabis data firm Headset announces $8.6 million fundraising for expansion

Cannabis data firm Headset announces $8.6 million fundraising for expansion

Bethan Rose Jenkins, Cannabis News Writer/Editorial

An impressive fundraising round that was recently completed by Headset will assist the cannabis industry data and analytics company in expanding its footprint across the legal and ever-growing market.

According to a press release issued by PR NewsWire, headset raised an astonishing $8.6 million in new funding. Included in that amount is $3 million worth of capital led by private equity investment firm Althea.

In addition to this, Headset announced the conversion of $5.6 billion worth of bridge notes that had been issued in August 2020 and April 2021.

A number of other investors are also actively participating in Headset’s expansion plan, including Poseidon Investment Management and WGD Capital, L.P.

An overview of Headset’s expansion plan

Thousands of organizations benefit from Headset’s retail data, which proves useful in cases whereby business owners need to make smart choices to carefully target their preferred market.

“With this latest round of capital, Headset is able to achieve significant milestones in the industry, including the expansion of our market measurement services to all legal markets and launch new and exciting services designed to help organizations understand and activate consumer purchase behaviors at unprecedented levels,” said Headset’s CEO and Co-Founder, Cy Scott.

Scott went on to say that the company is looking forward to collaborating with Althea, mainly due to the fact that Althea boasts plenty of expertise in analytics, cannabis, consumer packaged goods (CPG) and technology.

“At Althea, we partner with exceptional founders who are passionate about their people,” said Althea co-founder, Don Stoltz. “Cy, Scott and Brian, have prioritized culture and collaboration while encouraging intellectual freedom. As Peter Drucker said, ‘Culture eats strategy for breakfast’. We are thrilled to join the Headset family on the next leg of their journey.”

About Headset

Headset has come on in leaps and bounds since its inception back in 2015. The company prides itself on offering exceptional analytics services for evolving customer bases within the scope of legal cannabis. Specifically, Headset assists dispensaries and retailers in more than 30 different territories.

The recently celebrated $8.6 million raise will help Headset funnel capital into various aspects of its market intelligence platform, thus boosting its competitive advantage over other analytics providers in this avenue and beyond.

Co-founder of Althea, Eliza Gairard, describes the Headset platform as “unparalleled in its breadth, depth, and real time analytics.” With so many positive aspects, Gairard believes that the cannabis data analytics company can offer Althea a competitive edge.

“As the industry matures, the importance of data and analytics will grow exponentially, and we believe Headset is uniquely positioned to win,” said Gairard.