Casa Verde Capital, a Los Angeles investment firm founded by entertainer Snoop Dogg and media entrepreneur Ted Chung, led a $2 million seed funding round for Growlink.
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Growlink said in a Tuesday news release that the funding will allow the company to expand AI capabilities and enhance software and wireless-sensor applications for its integrated platform, including control algorithms, cultivar blueprints and AI crop-steering programs.
Based in Colorado, Growlink leverages AI and other digital applications to provide precise climate control, automated irrigation, nutrient delivery and data analytics to help cannabis growers improve efficiencies and crop yield.
“We are thrilled to partner with Casa Verde, an investor that shares our vision and passion for advancing the cannabis cultivation industry,” Growlink CEO Ted Tanner said in a statement.
“Their support will be instrumental in accelerating our growth and expanding our capabilities.”
Cannabis investment strategy
Casa Verde’s investment strategy has focused on scalable and efficient companies that solve real business problems with a path to increasing market share, managing partner Karan Wadhera told MJBizDaily via email.
Growlink appears to fit the bill.
The technology company said it’s been profitable for the past 10 years without external funding or debt and has grown its customer base to more than 2,200 locations in 35 countries.
A majority of U.S.-based marijuana multistate operators utilize Growlink’s platform, the company said.
Backing cannabis leaders
Case Verde’s portfolio includes some of the most well-known and successful companies in the marijuana sector, including Dutchie, LeafLink, Metrc and Vangst.
Although most cannabis companies face challenges raising capital, Casa Verde has raised roughly $250 million since its inception in 2015.
“Limited access to capital remains a massive impediment to the growth of our industry,” Wadhera said.
“Unfortunately, given market turbulence and poor portfolio performance, many of the previous capital allocators in cannabis are not around today.
“Our hope is that rescheduling draws in more interest from investors on the sideline.”
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