Canopy Rivers Inc. (TSXV:RIV) is pleased to announce it has completed an equity investment in Headset, Inc., a data and analytics service provider for the cannabis industry. Canopy Rivers subscribed for C$4,084,500 of Series A Preferred Shares in Headset, representing the Company’s first entry into a technology-focused cannabis vertical.
“We are very excited to be diversifying our portfolio with our investment in Headset, a best-in-class technology platform delivering cannabis-related business intelligence in real-time,” said Narbe Alexandrian, VP Business Development at Canopy Rivers. “As companies compete to capture mind share in this nascent space, understanding the levers that influence purchase decisions and ultimately guide price and brand success is critical. We believe that Headset has established a strong leadership position in the data and analytics space, enabling brands, retailers, marketers and investors to gain key insights about the cannabis market in real-time.”
Headset is the first real-time business intelligence and analytics software platform for the cannabis industry. The experienced leadership team at Headset have deep roots in the cannabis industry, with Headset’s founders having also founded Leafly, the world’s largest cannabis information resource. With services that provide access to up-to-the-minute information on sales trends, emerging sectors, popular products, and pricing, Headset’s proprietary software platform allows customers to use data to identify new areas of opportunity, understand the competition, and tailor product development.
Comparable industries have already proven the effectiveness of using data analytics to uncover key consumer trends and insights, and Canopy Rivers believes the cannabis industry will be no different in this respect. Traditional snack, beverage and consumer product goods companies already utilize retail data providers to understand pricing, promotion, competition and buying trends across products and segments. As the cannabis industry matures, the ability to leverage data is likely to become increasingly important as companies attempt to gain market share, manage production, enter new markets, target customers, and understand the landscape.
Management believes that Headset, as a leading data, analytics and technology platform in the cannabis industry, represents an important addition to the Canopy Rivers portfolio and aligns well with the Company’s disciplined, thesis-driven investment strategy. Creating opportunities for synergy throughout the portfolio is a key differentiator for Canopy Rivers, and big data can help drive value throughout the entire platform.
“We couldn’t be more excited to have Canopy Rivers participating in the Headset Series A,” said Cy Scott, CEO and Co-founder of Headset. “As part of the Canopy Rivers ecosystem, Headset will be able to leverage a variety of opportunities for collaboration to further fuel our rapid expansion within the industry.”
About Canopy Rivers Inc.
Canopy Rivers is a unique investment and operating platform structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers works collaboratively with Canopy Growth (TSX: WEED, NYSE: CGC) to identify strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire ecosystem.
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