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Calyx’s strategy is to build profitable brand-centered businesses through the development of robust consumer cannabis products. Its brands — Local, Josh D., Song and an upcoming house brand — represent all market segments in cannabis, from adult use to health and wellness and all price ranges.

The company is focused on tier one markets and is planning to open eight more stores in the next five years, he said.

Calyx Peak

With this genetic technology, Segra is trying to solve the issue of inconsistency that comes with vegetative propagation — the most-used cultivation practice in the industry today — as well as variability, crop loss and ineffective plant density, Kieran said.

“It’s all about the experience,” said CEO Bob Groesbeck.

Planet 13 Holdings (CSE:PLTH) (OTC:PLNHF) is a high-end brick-and-mortar dispensary operator. Its strategy is focused on creating consumer experiences with stores featuring added value traits.

Dutchie's financing round was also one of the largest ever for a cannabis startup, PitchBook data shows. It drew return investors Thrive Capital, Snoop Dogg's Casa Verde Capital, Gron Ventures and former Starbucks CEO Howard Schultz.

Dutchie's platform, which lets people order cannabis products online from dispensaries for local pickup, was well-positioned for the shift. The new financing will be used for hiring, product development and expanding to new markets.

Five US states have voted to make recreational marijuana use legal in recent months, and 14 now allow or plan to allow such use. The stream of ballot box victories have helped to buoy the outlook for pot-focused startups.

The industry received a significant boost last year as marijuana use surged, with states including California, Washington and Colorado notching record-high pot sales.

Funding for VC-backed cannabis companies took off in 2019 to hit a peak of $3.2 billion across 351 deals. But deal value fell 58% year-over-year to less than $1.4 billion in 2020, according to PitchBook data.