Their process was simple. Build a software for marijuana labs, find out who has the strongest strain, and create a cannabis marketplace in order to bring together dispensaries with the best growers. This is how they did it, and it was that idea that scored the company $3 million in seed funding. The funding was led by Slow Ventures for Confident Cannabis. Currently, the company is in step 2 of development, already establishing the largest real-time database of cannabis in the world. The coolest part, they are only nine months into their launch.
Created by 2 Stanford University graduates, the Y Combinator, and StartX company are looking to find the critical data stream within the constantly growing marijuana industry. They call it, the CarFax of weed. If the company does manage to succeed, they will become what some people are calling the sticky-icky stock exchange, a way for growers and sellers to connect. The reason why its so important to get the data right is because the effects of marijuana can differ greatly depending on the strain, quality, or species. For example, sativa makes users feel euphoric and creative, while indica provides relaxation and calmness. Strains with more THC provide more of a high, while strains with more CBD are good pain relievers and are good at treating insomnia. The creators saw the problem in that the average customer cant tell this difference just by looking at it.
“You don’t know how you’re going to feel when you smoke it, but all that information is related to the chemical composition of the plant,” says Stephen Albarran, Confident Cannabis co-founder and CEO. Albanian has always been a fan of marijuana, however has noticed the lack of transparency and is using this app to fix that issue. “I think it’s really cool that this giant, fast-growing industry is being born in an era of technology. It’s not going to look like alcohol, or pharma, or big tobacco, or big agriculture,” he added.
Confident Cannabis’ software is now available in Oregon, Colorado, Nevada, California, and New Mexico. It has 1500 producers, a number that is increasing by 50% each month. Pricing for the cannabis will depend on which parts of the marketplace clients use. Essentially, Confident Cannabis learns to adapt based on what most users are looking for.