Thursday, August 18, 2022

Cannabis Company Receives Big Investment From Snoop Dogg

Casa Verde, the cannabis venture firm that focuses on ancillary industry products and counts Snoop Dogg among its partners, made a big investment in Toronto-based cannabis tech company.

Leading a $2 million seed round, Casa Verde invested in Trellis, the cannabis inventory management company. Trellis describes its product as “seed-to-sale management software” that “gives you the tools and analytics to optimize your operations.”

Meanwhile, Casa Verde specializes in making early investments in cannabis companies that don’t touch the plant and instead focus on complementary products to assist the growing industry. A company like Trellis, for example.

“We are at a pivotal point in the industry where the market is expanding with new regulations and operators are experiencing growing pains. This makes it all the more important to have strong tools and procedures in place,” Trellis CEO Pranav Sood told Business Insider. “We are thrilled to have been able to attract such a strong team of beta clients, investors, and advisors to support us in our vision.”

Trellis is currently in Private Beta with clients in California and Canada. Their plan is to expand to more states in the future—something this seed round surely helps with—including Colorado and Oregon moving forward.

“As cannabis legalization sweeps the US, the compliance burden for cannabis-related businesses will become more and more rigorous,” Casa Verde managing partner Karan Wadhera, a Goldman Sachs told Business Insider. “We have been searching for companies with an elegant solution to address the growing pains of the industry.”

She added: “That is exactly what Pranav and his team have built with Trellis.”

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