Benzinga | Nov 16, 2021 08:06AM EST

Breaking: Snoop Dogg's Casa Verde Backs Cannabis Co. Pistil Data In $6.5M Seed Round

Cannabis market intelligence platform Pistil Data has closed a $6.5 million seed round led by Snoop Dogg's Casa Verde Capital. JW Partners and several Silicon Valley tech entrepreneurs also participated in the round.

Founded by executives from Google (NASDAQ:GOOG) and Baker Technologies -- now owned by TILT Holdings Inc (OTC:TLLTF) - Pistil uses machine learning technology to distill billions of data points to deliver sales opportunities to its roughly 100 clients in Colorado and California.

"When it comes to data, we know there has always been a gap between what cannabis brands need and what has been available to them. Pistil makes order out of chaos, taking the guesswork out of cannabis sales," says Jeffrey Graham, Ph.D., co-founder and CEO of Pistil. "We are glad to have the support of Casa Verde as we set our sights on making Pistil Data available to every cannabis brand and distributor in North America."

In just nine months, Pistil Data has built a client base of industry leaders including Connected, Curaleaf (OTC:CURLF), Flow Kana, Herbl, PLUS and Raw Garden. The funds from this financing round will be used to accelerate the company's nationwide expansion and development of "new kinds" of market intelligence, management explained.

"We invested in Pistil because its unique technology provides immediate ROI to its clients. The company's growth trajectory, coupled with its stellar leadership, puts Pistil on track to be the preeminent data platform in cannabis," said Yoni Meyer, partner at Casa Verde.

Photo: Company website.