Cannabis Strain Efficacy Tracker Receives $3M in Funding
Original story from Strainprint
StrainprintTM Technologies is pleased to announce the closing of a USD $3 Million non-brokered, Series A private placement. The round was led by strategic industry investor, Cesare Fazari, Chairman of Molecular Science Corp and seed investor of leading cannabis companies, Ample Organics and Hydropothecary. Mr. Fazari will also join Strainprint's Board of Directors and will play an active role in strategic business development. The round also includes a significant follow-on investment from NY-based, Core Strain Ltd., as well as participation from a number of Toronto-based capital funds.
Strainprint will use proceeds for talent acquisition and to rapidly expand sales and marketing of its disruptive Strainprint Analytics web platform across North America and into key international markets like Australia and Germany. The company will also continue to innovate its industry-leading outcomes-tracking mobile journal for patients with symptom-specific measurement protocols and ethics compliance, developed together with our world-class medical advisors.
Since February 2017, tens of thousands of medical cannabis patients have tracked over 500,000 medical records on Strainprint's mobile patient journal, generating over 7 million data points on strain efficacy and patient use. It is the largest and most granular longitudinal study of its kind and its growing by 25% per month. In addition to helping patients lead healthier lives, this medically validated data is helping to shape the entire cannabis industry by providing business intelligence, as well as treatment and product guidance for producers, retailers, clinicians, researchers, pharma, insurance and government.
"This funding round represents a key milestone for Strainprint that will allow us to capitalize on our first-mover advantage as the premier source of medical cannabis use data," said Strainprint CEO, Andrew Muroff. "Amongst other initiatives, we plan to rapidly provision our team and SaaS products to serve international markets where imported Canadian cannabis is the primary source of available product."
The Strainprint mobile app is available for free to patients on both iOS and Android, while web-based Strainprint Analytics is available by monthly subscription.