A Toronto-based cannabis inventory management software startup is getting $2.5 million (or $2 million US) investment from Snoop Dogg.
Trellis announced the investment on Thursday morning, which is led by Casa Verde Capital, Snoop’s early stage investments venture. According to Trellis, additional funding is provided by investors outside the cannabis industry, including Argonautic Ventures and One Gun.
Founded in 2014, Trellis is seen as a pioneer in the cannabis market. The software technology helps “enterprises optimize operations and prepare for upcoming regulations” in the market. The new investment will allow the Canadian company to expand into more of the US market, and increase demand for its software.
“We are at a pivotal point in the industry where the market is expanding with new regulations and operators are experiencing growing pains. This makes it all the more important to have strong tools and procedures in place,” says Pranav Sood, CEO of Trellis, in a release.
“Our focus is on developing industry tools that help clients manage their cannabis inventory, simplify their compliance processes and support the production of safe, optimum quality product. We are thrilled to have been able to attract such a strong team of beta clients, investors and advisors to support us in our vision.”
After a successful beta launch last year, Trellis now supports pot businesses in Canada and California.
“We have been searching for companies with an elegant solution to address the growing pains of the industry,”said Karan Wadhera, Partner at Casa Verde Capital. “That is exactly what Pranav and his team have built with Trellis.”
As for Snoop, this is his second investment in a Canadian weed company in the past year. In 2016, the American rapper entered into a business partnership with Tweed Inc., a subsidiary of Canopy Growth Corporation and a licensed marijuana producer.