LeafLink announced it has closed a $3 million seed round led by New York's Lerer Hippeau Ventures, a tech-focused venture fund with early investments in companies such as Oscar Health, Casper, Warby Parker, Venmo, and Buzzfeed. Additional participants include strategic investors from both inside and outside the cannabis space, including Casa Verde Capital, Phyto Partners, Wisdom VC, and Wan Li Zhu and Paul Ciriello of Fairhaven Capital. LeafLink, which is currently live in Colorado and Washington, will use the funds to expand its marketplace for cannabis brands and dispensaries into newly legal markets.
Throw out the Ambien
Cannabiz Consumer Group's CannaUse findings reveal that both internal analgesics (otc pain medications) and sleep aids are feeling the pain of substitution effect from legal cannabis more than other OTC categories, such as cold and flu medicines. Cannabiz Consumer Group (C2G) leveraged its highly successful CannaUse study to understand how legal cannabis impacts over-the-counter (OTC) medications.
The study found that:
- Half of likely cannabis consumers plan to reduce their purchases of sleep aids in the future.
- Eighty-six percent of those who have used cannabis as a sleep aid stated that it worked better than their traditional OTC medication.
C2G estimates that 9.5% of OTC sleep aid sales will be cannibalized by legalized cannabis. In a national cannabis market, this would represent nearly $70MM dollars in lost sales.
Get the word out on 4/20 (It's not too late!)
Speaking of 4/20 - how are you promoting your company? Higher Ground can help! We're a full-service PR & Marketing agency that will connect you to your customers, tell your story, or design a campaign - and have fun doing it.
We're PR pros, social media wizards, digital experts, brand creators, video producers, website concoctors, and storytellers. We're ready to get to work for you.
4/20 is the perfect time to celebrate the industry but also increase your visibility, grow market share, and build passionate followers.
Get in touch and let's get rolling!
Join us in LA next week
We'd like to invite you to the next Cannabis Marketing Association (CMA) meeting on April 11th in Santa Monica. Join us- and the CMA - for a lively and informative discussion about social media in the world of cannabis (featuring our own VP of social media Jamie Latta!). The details and a link to sign up are here.
News of the weed
Here's a quick round-up of news we'd like to share:
- Gov. Jerry Brown has a plan for California.
- Location, location, location! Oh, and weed. Real estate and cannabis are becoming fast friends.