Denver, Colorado, United States: Cannabis Cultivation Software
Company Stage: Growth
Investor Relations Contact: Rob Rusher
Telephone: (303) 885-7044
Rob Rusher, CEO
Molly Rusher CFO
GrowBuddy is a cannabis software company aiming to empower cannabis cultivators with an application that allows them to record every aspect of the cultivation process. GrowBuddy is constantly updating and improving the application. Approximately 3,500 cannabis cultivators currently use the application, with a growth of 10 percent compounded monthly.
Revenue Driver: GrowBuddy has two revenue drivers. The first is the ability to add additional users to a garden for a monthly, per user, fee. The second driver is the GrowBuddy Marketplace where users can purchase cultivation products like lights, soil and nutrients. The users are also listed in a free directory, similar to the yellow pages, and manufacturers can purchase ad space for their products.
The company is also developing an annual subscription service that will allow users to analyze the data from their grows so they can determine what does and does not work. Users will be able to anonymously back up their data to a secure and encrypted cloud service, allowing them to control their garden from multiple devices.
Competitors: My Grow Log and Grow Assistant.
Competitive Advantage: One of the main competitive advantages GrowBuddy has it that it is free. By offering GrowBuddy for free, it entices people who might otherwise go to the company’s competitors. Also, by offering more features, GrowBuddy is able to stand out amongst its competitors.
Business Model: The company’s business model is one that many non-cannabis software companies implement, which is as follows: Offering a quality product for free to build a user base. Then, monetize that platform by offering premium services which enhances the user experience, as well as providing a market where users can spend money and manufacturers can purchase ad space.
Funding: GrowBuddy is self-funded, but is currently seeking investors.
Customers: 3,500 professional cultivators.
Target Market: Professional and amateur cannabis cultivators.
Products: GrowBuddy journal application.
Customer Problem: Currently, the biggest issue facing GrowBuddy is capital. The user base is growing but without additional capital the company will not grow as fast as it potentially could.
ADDITIONAL POINTS OF INTEREST
GrowBuddy is always developing and adding more features for the application and hopes to integrate automated processes in the future.