How Well Funded Are American Marijuana Startups?

Last Friday, American marijuana smokers lit up to mark "420", which has become an unofficial holiday in recognition of the drug. Smokers do indeed have a lot to celebrate this year amid marijuana's upward trajectory across the United States. It's now legal for recreational purposes in nine states and a further 29 have legalized medical marijuana. With the market gaining serious momentum, it comes as little surprise that well-funded startups are getting in on the act.

Many of them are capitalizing on an industry that offers a broad range of possibilities from agriculture to healthcare innovation. In late 2012, Colorado and Washington were the first states to introduce legalization and by 2015, disclosed market funding was $239 million. That increased rapidly to $593 million by 2017, according to CB Insights' 2018 Marijuana Trailblazers report.

The report analyzed total funding in the U.S. marijuana market and it also took a look at a selection of startups attracting the most disclosed funding. Tilray is a Canada-based medical marijuana producer and it's been funded to the tune of $47 million. Tweewinot Life Sciences is also in the healthcare category and it's attracted $19.3 million of investment. Green bits comes close behind with funding of $19.2 million. Other companies on CB Insights' list are involved in agriculture, data and insights, digital content and operations.