Cannabis data firm Headset raises $8.6 million for expansion

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Cannabis industry data and analytics company Headset raised $8.6 million in new funding.

The funding includes:

  • $3 million of new capital in a fundraising round led by Norwalk, Connecticut-based private equity investment firm Althea.
  • The conversion of $5.6 million worth of bridge notes, issued in August 2020 and April 2021.

The new capital will “ultimately enable Headset to quickly expand its market intelligence platform,” the Seattle-based company said in a Tuesday news release.

That will include “the expansion of (Headset’s) market measurement services to all legal markets and (launching) new and exciting services designed to help organizations understand and activate consumer purchase behaviors at unprecedented levels,” Headset CEO Cy Scott said in a statement.

The company uses retail point-of-sale data to provide market intelligence and analytics to cannabis businesses.

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Headset recently expanded its market coverage to Arizona, Illinois and Maryland, giving the company a total of 15 operating markets in the U.S. and Canada.

Headset and MJBizDaily entered into a data partnership in 2019.