NEWS BRIEF

Two marijuana tech firms raise $20 million-plus in venture capital

A pair of cannabis businesses focused on the technology sector raised a combined $21.5 million in investment capital.

Florida-based Springbig said Tuesday it raised $11.5 million in a Series B round. The company’s marketing platform is used by 1,400 marijuana retailers across the country, according to a news release.

Chicago-based Fyllo on Wednesday announced the completion a Series A2 round that brought in $10 million, bringing its investment total to $26 million. Fyllo in January acquired cannabis-regulation tracking firm CannaRegs for $10 million.

Both companies said the influx of capital would be used to further expand their marijuana industry footprints, while Fyllo also intends to expand into “other highly regulated industries.”

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