Happy Cabbage Analytics, an integrated cannabis retail analytics company, has welcomed new strategic investors Merida Capital Partners, Poseidon Asset Management, and GreenAxs Capital with the close of its oversubscribed financing round.
Delta Emerald Ventures, Series Seed lead, was a key investor, and the Company received funding from Emerging Ventures Fund, Ensemble Brands, Hilltop Ventures, and existing investors West Creek Investments, Yaax Capital, and Silverleaf Venture Partners.
"Happy Cabbage contributes critical data science to the continued evolution of the cannabis industry. Andrew and team have uniquely positioned themselves as the leading experts of retail optimization by facilitating the sales growth of their customers in a highly competitive and capital-constrained environment - this is no small feat," said Patrick Rea, Managing Director of Poseidon Garden Ventures.
Founded in 2019 with the launch of its text marketing tool, Polaris, Happy Cabbage has iterated on products to address critical business functions for cannabis retailers, including the launch of its predictive inventory assistant tool Dawnstar in early Q4 2022. The company is also launching a retail optimization platform, a product suite designed for cannabis retailers to drive more sales and cut out expenses.
"We're focused on helping operators drive profitable growth. We hear countless stories from the frontline – operators either trying to increase returns or simply survive. There are plenty of reporting tools in the market, but none actually enable operators to make better decisions in real time. Empowering cannabis retailers with a platform to optimize both expenses and performance will help them not only survive but thrive," says CEO Andrew Watson.
The company plans to invest the round in strategic partnerships, continued product expansion, and broadening its geographic footprint, having launched five new states in 2022.
"Data science is essential for sustainable revenue growth and efficient cost structures in the cannabis industry, and we believe Happy Cabbage is geared up for strong growth over the coming years. Our continued investment underscores our confidence in the team to execute this vision," added Ian Dominguez, Portfolio Manager for Delta Emerald Ventures.