Article by Toronto Star
Rapper Snoop Dogg is digging further into the Canadian cannabis ecosystem, investing in a seed-to-sale software provider as the country prepares for the legalization of marijuana by Canada Day next year.
Toronto-based Trellis, a cannabis inventory management software provider, said Thursday the weed-loving rapper’s venture capital firm is leading its latest $2-million (U.S.) seed round.
Snoop Dogg’s Casa Verde Capital invests in firms that support the cannabis industry but don’t directly touch marijuana. Trellis, which has offices in Toronto and Oakland, Calif., provides an inventory management platform for the cannabis industry.
Pranav Sood, the chief executive and founder of Trellis, said Snoop Dogg’s involvement helps to give his Toronto-based company a higher profile.
“For us, I think it just elevates the discussion and helps to boost our brand visibility.”
The $2-million seed round also includes reinvestment from Gateway, an Oakland, Calif.-based incubator focused on cannabis companies. Trellis was part of its latest cohort of companies from April 2016 to October 2017.
Casa Verde Capital’s investment comes about a year after licensed marijuana producer Tweed Inc. and parent company Canopy Growth, signed a partnership deal with Snoop Dogg.
That deal granted the Canadian marijuana producer exclusive rights to use certain content and brands owned by the rapper’s company LBC Holdings.