One of the cannabis industry’s leaders in data repository has managed to bag a rather sizeable investment of $3.5 million. The Boulder-based company is BDS Analytics.

With an investment of this magnitude, BDS can transform its dreams of expanding on a national and international scale into a reality. The funds will be used to broaden the company’s existing workforce, which is anticipated to build throughout Michigan, Canada, and New England.

Since these destinations are new to the world of legalized recreational cannabis, they provide BDS with the perfect foundation to create something huge.

“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,” said Roy Bingham, the co-founder and CEO of BDS.

Recipient of cannabis company investment has raised $8 million since its inception

Since the organization was founded in Boulder back in 2015, BDS has achieved quite a few milestones.

Its primary goal is to invest in and provide mentorship for new businesses specializing in the cannabis industry.

Bingham previously worked as an executive for nutraceutical firms. This gave the industry expert an in-depth insight into SPINS market data and its sheer value.

SPINs is the most prominent consumer research business for the natural product industry. Bingham considers BDS as important for the cannabis industry as SPINs is for natural products.

BDS has proven itself as a firm industry player since its inception, having raised $8 million.

In addition to this, BDS has integrated a consumer analytics software and sales tracking technology called GreenEdge into legal markets throughout Arizona, California, Colorado, Nevada, Oregon and Washington.

The most recent investment will enable BDS to comfortably sustain the quality of this technology.

Furthermore, the cannabis company investment will be funnelled into six business and sales development hires in the aforementioned markets. When 2018 comes to a close, BDS aims to have a workforce totaling 40 people.

Canopy Ventures managing director says cannabis company investment was an easy decision

The cannabis company investment for BDS Analytics was led by CanopyVentures – the latest investment arm of Canopy Boulder and Altitude Investment Management.

Canopy Boulder’s decision to invest $750,000 in BDS was the first of many that are expected to roll out in the near future, what with the investors recently launching a $50 million Canopy Ventures I fund that will benefit up-and-coming companies in the industry’s ancillary sector.

The choice was an easy one, according to Canopy’s managing director Micah Tapman.

His reasons for making this cannabis company investment rest on the fact that BDS is a lucrative, viable, defensible and trustworthy data source.

“This isn’t even some thing we need to gain a patent (for). This is a trade secret” Tapman said.

It seems that the investment partnership will be long-standing, too.

“This is not a get-rich-quick scheme. We’re all in this for a multi-year, value-creation play,” he added.