Rootz Research claims its using insights from top Wharton professors to upend cannabis data. The real story is far more complicated.
Rootz's CEO, Eric Spitz, is a serial entrepreneur — he started his first company in 1996 — who's been involved in everything from the cannabis industry to the bankruptcy of the Orange County Register.
There are well-known incumbents in cannabis data, including Headset and BDSA, which track consumer purchases and help dispensaries understand which products to offer and in which markets. , and the cannabis-information site Weedmaps trades at a valuation of $1.9 billion. Leafly, another information site, was valued at over $500 million this year.Insider started reporting on Rootz after Spitz tried to get in touch multiple times through LinkedIn, Twitter, and email, leveraging a connection with another reporter for credibility.
Lodish, a founder of the market-research firm IRI, is Spitz's uncle. He told Insider in an interview that he was OK with being called a founder. Fader said he met with Spitz and his team a few times, starting late last year and continuing through July, to help advise on the technical details of Rootz's model but ultimately decided he wasn't confident in Spitz's management and his ability to utilize the data for the cannabis industry.
"I think he was kind of amplifying the roles we might've had because it would look better," Fader said.. There isn't a clear-cut legal definition, but the title is often understood to refer to a person or group of people who have an idea and develop a business around it. In a follow-up letter reviewed by Insider, Spitz apologized to his shareholders and said he'd"definitely botched this rights offering."
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