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The clear winner of the election was in fact cannabis companies as a majority of voters cast their ballots to legalize recreational marijuana use in New Jersey, Arizona, South Dakota, and Montana. Additionally, Mississippi and South Dakota voters supported the sale of medical cannabis and leave only six states remaining where cannabis is fully illegal. In an updated forecast by cannabis researcher New Frontier Data, the industry growth potential jumped from $35.1BN to $38.3BN.
The consumer product space for cannabis products is quite crowded with new entrants constantly delivering cannabis products in the form of more mainstream products like edibles, infused-drinks, topicals products like creams, and more. Particularly, during Q2 of 2020, Seattle-based cannabis market analysis company Headset states that edibles sales hit an all-time high of $227MM.
Hemper delivers cannabis consumer products headquartered out of Hauppauge, New York, and delivers curated cannabis subscription boxes. Launched in 2015, it’s Series A funding in December 2018 has helped boost its nationwide distribution.
Wyld is founded by craft distillery founders out of Clackamas, Oregon, and focuses on edible products infused with fruit flavors. It is projected to triple its revenue this year and projects an even stronger growth by 2021 due to the pandemic rush and more people buying its popular fruit gummy products.
Wana Brands is a women-led competitor to Wyld. Based out of Boulder, Colorado, the company sells medical and recreational products and is regarded as one of the leaders in gummy edibles.
Cann is a Venice, California-based company product cannabis-infused tonics. It topped headlines with a star-studded funding equity round in October this year from eight angel investors including Gwyneth Paltrow and Rebel Wilson. According to BDSA, it is already the highest selling THC-infused beverage in California.
Supporting Cannabis Businesses
iComply, based out of Denver, Colorado, is a professional service agency that focuses on business compliance, regulations, and lobbying. Since laws still differ state by state, sellers and dispensaries leverage the company’s services to make sure they comply with the whole regulatory process.
SpringBig, from Boca Raton, Florida, is a CRM and loyalty platform for cannabis dispensaries and retailers. It raised a Round B funding of $11.5MM in August lead by TVC Capital and is stated to have powered over 230,000 campaigns with over 340 million text messages sent.
Trym, based out of Novato, California, is an integrated platform for cannabis growers. Led by 7thirty capital, it raised a $3.1MM seed funding in September.
Airbnb bounced back at 30BN
PrivCo increases it's reported 30BN valuation with a turnaround profit in the last quarter. Airbnb completes its IPO filing and will list as ABNB on NASDAQ.
Baby Yoda also on board to space
For all Star Wars fans, NASA has included a fifth member to its Space X crew to space in the form of Disney+’s popular streaming original The Mandalorian. Already a popular toy, notable toys that fly with spaceflight missions, such as the previous dinosaur Tremor, have flown off shelves.
Since last week, PrivCo has added: 1109 Companies | 100 Funding Activities | 188 M&A Deals