The cannabis industry is rapidly growing and expected to reach $33.6B in sales by 2025 as more states are added to the list where recreational use is permitted. With this growing interest, rich data has been collected and the consumer data reflects that different demographic groups seek specific benefits from their consumption and their preferences on ingestion (vapes, flowers, edibles, etc) also widely vary. Jointly is a platform that serves as a guide and experience tracking mechanism for purposeful cannabis consumption. Users initially select the type of experience they are seeking from a set of choices that vary from enjoying social experiences to enhancing intimacy, then are shown a number of products that meet their criterion based on the company’s proprietary engine, and users track their experience using fifteen factors, creating a dynamic and accurate database of goal-specific product effectiveness. As more and more individuals enter the cannabis consumer lifecycle, the platform hopes to navigate them through the various and growing number of options available, which can be daunting, so that they are able to enhance their personal experience and elevate wellness. The platform has tracked 200K+ experiences since its launch in 2020.
LA TechWatch caught up with Jointly CEO and Cofounder David Kooi to learn more about the inspiration for the business, the company’s strategic plans, latest round of funding, which brings the total funding raised to $7.5M, and much, much more…
Who were your investors and how much did you raise?
We raised $5 million in seed financing from a group of private investors.
Tell us about your product or service.
Jointly helps consumers unlock a new level of wellbeing through purposeful cannabis consumption. Consumers use the Jointly platform to find cannabis products, and track experiences to improve their results and reach their cannabis wellness goals.
What inspired the start of Jointly?
Jointly was inspired by the lack of quality information about cannabis product performance and the inconsistent, unpredictable effects experienced by many consumers. We believe cannabis makes you more, not less.
How is it different?
We’re about consumer education and empowerment, and want to help consumers use cannabis to enhance their lives. Our platform gives users data and tools that help them optimize their cannabis experiences, and ultimately reach their goals.
What market are you targeting and how big is it?
The legal cannabis market is expected to be $35 billion in 2022 in the US and over $60 billion by 2026, according to BDS analytics.
What’s your business model?
Consumers have tracked over 200,000 unique cannabis experiences on our platform since our launch in early 2020. Using what we’ve learned from those experiences, we are creating software for cannabis retailers that will enhance the connection between budtenders, consumers, and the cannabis they sell and consume and help retailers match people to products with data and purpose.
What are your post-COVID office plans??
We are a fully remote company with HQ in Los Angeles. We meet in person as needed. We have no plans for an office.
What was the funding process like?
The $5 million was raised via a network of private investors in a convertible note.
What are the biggest challenges that you faced while raising capital?
The stigma against cannabis and the complex legal environment continue to make it difficult for entrepreneurs and startups in the cannabis industry to raise capital.
The stigma against cannabis and the complex legal environment continue to make it difficult for entrepreneurs and startups in the cannabis industry to raise capital.
What factors about your business led your investors to write the check?
The potential to build a valuable business that positively impacts consumers and their wellbeing in a quickly evolving and rapidly changing environment.
What are the milestones you plan to achieve in the next six months?
We have a roadmap of exciting user-driven improvement coming to our platform. We plan to launch our product for retailers later this year.
What advice can you offer companies in Los Angeles that do not have a fresh injection of capital in the bank?
Have a strategy. Focus on delivering real value in a way that is unique and defensible from your competition. There is money out there for good businesses and good operators. Keep pushing. Be smart with the money you do have.
Where do you see the company going now over the near term?
We are becoming the leading voice for cannabis wellness. We have the data to prove that the stigma was wrong. We have the data to prove that cannabis makes you more, not less.
What’s your favorite outdoor activity in LA?
Hiking. For sure hiking. Usually with cannabis.
