{"id":8279,"date":"2018-05-17T22:50:53","date_gmt":"2018-05-17T22:50:53","guid":{"rendered":"https:\/\/www.denverpost.com\/?p=3055054"},"modified":"2018-05-17T22:50:53","modified_gmt":"2018-05-17T22:50:53","slug":"bds-analytics-a-boulder-based-cannabis-data-leader-lands-3-5-million-investment","status":"publish","type":"post","link":"https:\/\/cannitrol.com\/blog\/bds-analytics-a-boulder-based-cannabis-data-leader-lands-3-5-million-investment\/","title":{"rendered":"BDS Analytics, a Boulder-based cannabis data leader, lands $3.5 million investment"},"content":{"rendered":"<div id=\"wp_fb_like_button\" style=\"margin:5px 0 5px 5px;float:right;height:100px;\"><script src=\"http:\/\/connect.facebook.net\/en_US\/all.js#xfbml=1\"><\/script><fb:like href=\"https:\/\/cannitrol.com\/blog\/bds-analytics-a-boulder-based-cannabis-data-leader-lands-3-5-million-investment\/\" send=\"true\" layout=\"standard\" width=\"450\" show_faces=\"false\" font=\"arial\" action=\"like\" colorscheme=\"light\"><\/fb:like><\/div><div class=\"media_block\"><\/div>\n<p>Boulder\u2019s BDS Analytics, a leading data repository for the cannabis industry, just landed a cash infusion to fuel its ambitions of national and international expansion.<\/p>\n<p>BDS received $3.5 million to build up its sales and development workforce in Michigan, New England and Canada \u2013places that have legalized recreational marijuana or soon will.<\/p>\n<p>\u201cIt\u2019s now easier for us to expand into new markets as they take off, because our product has been developed and our reputation precedes us,\u201d BDS co-founder and CEO Roy Bingham said.<\/p>\n<p>BDS got its start in 2015 as part of Canopy Boulder, the Boulder-based organization focused on using investment and mentorship to spur cannabis-industry startups.<\/p>\n<p>In Bingham\u2019s past professional life as and executive for nutraceutical firms, he saw value in the market data provided by SPINS, the natural products industry\u2019s leading consumer research business. What SPINS is to natural products and Nielsen is to consumer products and entertainment, Bingham saw BDS as being to the cannabis industry.<\/p>\n<p>Since its founding, 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.<\/p>\n<p>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.\u00a0By the end of the year, the company will add another half-dozen workers, bringing its total workforce to north of 40 people.<\/p>\n<p>The round was led by CanopyVentures, the new investment arm of Boulder cannabis startup accelerator Canopy Boulder, and New York-based Altitude Investment Management.<\/p>\n<p>The\u00a0 $750,000 investment in BDS was the first investment for Canopy Boulder\u2019s new $50 million Canopy Ventures I fund targeting emerging companies in the ancillary sector of the cannabis industry.<\/p>\n<p>Investing in BDS was an easy decision, Canopy managing director Micah Tapman said. The company is viable; an authoritative data source; lucrative; and, most importantly, defensible.<\/p>\n<aside class=\"related right\" \/>\n<p>\u201cThis isn\u2019t even some thing we need to gain a patent (for),\u201d Tapman said. \u201cThis is a trade secret.\u201d<\/p>\n<p>And for Tapman and Bingham, this is a long play.<\/p>\n<p>BDS\u2019 exit strategy likely will involve selling to a larger consumer research firm and the company has received its fair share of calls from suitors. But BDS still has some filling out to do.<\/p>\n<p>\u201cThis is not a get-rich-quick scheme,\u201d Tapman said. \u201cWe\u2019re all in this for a multi-year, value-creation play.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"media_block\"><\/div>\n<p>Boulder&#8217;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. <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[7814,5062,52,6811,7612,7317,6813,77,5577,9,6882,5019,1777,7812,1,3,5219,61,1736],"tags":[7815,5063,2632,6816,7614,7318,6818,2655,5580,6883,5022,4345,7813,5234],"_links":{"self":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/posts\/8279"}],"collection":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/comments?post=8279"}],"version-history":[{"count":0,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/posts\/8279\/revisions"}],"wp:attachment":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/media?parent=8279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/categories?post=8279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/tags?post=8279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}