As hashish dispensaries flourish throughout the nation alongside the push to legalize medicinal and leisure marijuana use, demand for instruments to handle the specificities of the weed retail enterprise continues to extend.
Trying to deal with that want, Flowhub, a hashish retail administration software program vendor, has raised $23 million from a consortium of buyers together with e.ventures, Evolv Ventures (the Kraft Heinz-backed enterprise capital fund) and Poseidon.
The authorized hashish market is predicted to prime $66 billion over the subsequent 5 years, in line with estimates from Grand View Analysis, and entrepreneurs trying to get into the extremely regulated business are flocking to Flowhub’s suite of dispensary administration companies.
Not solely does the corporate’s software program deal with compliance issues, in line with chief govt officer Kyle Sherman, but it surely additionally integrates with corporations like Dutchie for on-line ordering to facilitate in-store purchases and provides integrations with LeafBuyer and Leafly to supply extra info to potential retailers.
The corporate additionally up to date its software program to incorporate the “Stash” app, a cellular stock administration system, and a cashier app that integrates with iPads or different tablets to enhance point-of-sale capabilities.
“What we’re experiencing proper now’s an finish to hashish prohibition and Flowhub is on the entrance traces of this motion,” mentioned Sherman, in a press release. “Every legal transaction completed with the Flowhub retail platform is a positive step forward, and we are committed to helping our customers build thriving cannabis businesses. With this investment, we will continue to automate the cannabis supply chain, retail and reporting processes and bring to market technology solutions that are not only shaping the cannabis retail business, but also driving forward the future of legalization and de-stigmatization.”
For buyers like Emily Paxhia, a managing director at Poseidon, the chance to again an organization serving to to automate compliance within the regulated marijuana business was too tempting to move up.
“The compliance and regulation aspects make this a unique industry and Flowhub is one of the leading cannabis tech companies that is taking a meticulous and strategic approach,” Paxhia mentioned in a press release. “We saw the potential for Flowhub’s technology and mission early on and we’re thrilled to continue to support them in delivering the cannabis retail experience of the future.”