Boulder-based analytics firm for cannabis industry raises more than $2M

BOULDER — BDS Analytics, a business intelligence firm for the cannabis industry, raised about $2.1 million in capital from investors.

The funds will go to expanding the business’ sales and marketing, said CEO and co-founder Roy Bingham. The company plans to add sales staff in California and Colorado.

BDS Analytics provides data analytics for the cannabis industry. Bingham said his company partners with dispensaries to get data on their transactions, and BDS in turn provides insights on their business. That information is also provided to subscribers such as growers, producers and brands that want to know which products are doing best in stores.

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“Businesses like ours exist in every other industry,” Bingham said. “But we were not that surprised when we noticed no one was doing it in cannabis. It’s America’s fastest-growing consumer product, so it was logical for us to grow our business and have it modified for cannabis.”

Bingham said the capital came from both private-equity firms and high-net-worth individuals.