MarTech Company Fyllo Is Raising Big to Help Brands Easily (and Legally) Sell Cannabis Online
Eleven states (including Illinois) and D.C. are in various stages of legalizing recreational marijuana, and in 2018 the cannabis industry was estimated to be worth $10.4 billion — even though the drug is still restricted at the federal level. As the market becomes increasingly viable and appealing, ahem, budding cannabis entrepreneurs are faced with the challenge of moving an underground operation online. One of the biggest transition issues is navigating compliance laws. Aristotle Loumis and Chad Bronstein founded the marketing tech platform Fyllo earlier this year. The company offers to help brands meet compliance requirements at scale and ensure that ads are served to audiences in states where it’s legal. After closing a $16 million seed round, they raised an additional $2 million in September.