Cannabis market-research firm in Boulder raises $1.5M

BOULDER — BDS Analytics, a Boulder-based market-research firm that focuses on the cannabis industry, has closed on its first round of funding, raising $1.5 million.

The round was backed by angel and institutional investors and exceeded its goal of $900,000, the company said Thursday.

BDS Analytics, co-founded by Roy Bingham and Liz Stahura, has a software platform that captures information from dispensary point-of-sale systems that is then analyzed.

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Bingham, a Harvard MBA and former McKinsey consultant, said he started BDS Analytics to provide companies in the emerging cannabis industry with sophisticated, sales-based data that is commonplace and essential in other, more established industries. In those industries, market research — and consumer behavior — drive everything from new product development to inventory and branding decisions.

Stahura, who spent the past decade at a national market-research firm, believes that all verticals in the cannabis industry, from dispensaries to the brands they stock, will benefit from BDS Analytics’ platform.

“The cannabis industry is getting more complex and competitive, and entrepreneurs need better data to make smarter decisions,” Stahura said.