Toronto-based tech and cannabis startup Lift & Co. has raised $3.5 million in a private placement, following the launch of its cannabis data platform.
The company was also recently named on the Startup50 List by Canadian Business.
The money was raised from Gotham Green Partners, a New York-based private equity firm that typically invests in the cannabis sector. The placement consists of 10.6 percent secured convertible debentures in the company and 2.7 million common share purchase warrants of the company.
“We have been building the foundation for Lift.co’s business model for the last five years, anticipating the evolution of the cannabis industry by creating a platform of services that enable the sector to flourish,” Kasia Malz, chief financial officer at Lift & Co., told BetaKit. “We leverage the collective power of our review site, events, awards, content and retail training to provide value to consumers, producers and retailers—now we’re investing in a next stage of our growth by focusing on a totally new approach to cannabis consumer insights with Cohesion just in time for legalization 2.0 this fall.”
Lift & Co., which launched in 2014, first went public on the Toronto Stock Exchange in September 2018. The company began as a blog and has since moved to provide a database for strains, clinics and producers, as well as produce educational content. The company also offers retailer training certification in several Canadian jurisdictions.
In February, Lift & Co. launched its CannSell retail certification, a four-hour training program allowing Ontario retailers to prepare staff ahead of the opening of cannabis retail locations. The company announced it had granted more than 600 CannSell certificates to Ontario’s cannabis retail employee hopefuls in the first month of launching CannSell.
This is the second announcement for Lift & Co. recently. Last week, the company also announced the launch of Cohesion, a platform that leverages millions of Lift & Co.’s cannabis consumer and budtender data points, including verified reviews, purchase receipts, and brand research. Through Cohesion, Canadian cannabis brands can retrieve insights into consumer purchase behaviour, product sentiment, and brand perception.
The company was also recently named on Canadian Business’ Startup50 List, which ranks Canada’s top growth companies, with a 470 percent revenue growth over the last few years and a team of 34.
With files from Jessica Galang
Image courtesy Pixabay