Weed-tech startup raises $16 million

Weed-tech startup raises $16 million

An initial variation of this post initially appeared in Crain’s Chicago Company .

In another indication that business owners from all kinds of markets see dollar check in the marijuana service, a weed-tech start-up raised $16 million.

Fyllo, arranged in April, is developing innovation to assist marijuana business and marketing platforms handle the complex and moving laws around marketing cannabis-related items.

There are myriad limitations around how cannabis-related items can be marketed. Due to the fact that cannabis is still unlawful at the federal level, it can’’ t be promoted on tv. And due to the fact that private states, such as Illinois, are choosing whether to legislate cannabis for leisure or medical usage, there is a patchwork of guideline when it concerns marketing.

Fyllo is headed by Chad Bronstein, a Chicago-based executive at advertising-tech business Amobee, which is owned by Singtel, the Singapore-based telecoms business that likewise owns Chicago-based Trustwave.

Fyllo has 22 staff members, 6 of them in Chicago. The business states it anticipates to have 30 employees here by the end of next month.

The financial investment was led by J.W. Asset Management, a New York-based fund that has actually backed a number of cannabis-related business, consisting of TerrAscend, a Canadian grower and supplier, and Grow Generation, a cultivation-products provider and seller.

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Read more: adage.com