As cannabis dispensaries flourish across the nation alongside the frenzy to legalize medicinal and recreational marijuana use, rely on for instruments to rob an eye on the specificities of the weed retail trade continues to develop.
Taking a note to handle that need, Flowhub, a cannabis retail administration tool seller, has raised $23 million from a consortium of traders including e.ventures, Evolv Ventures (the Kraft Heinz-backed venture capital fund) and Poseidon.
The ethical cannabis market is anticipated to top $66 billion over the subsequent 5 years, in accordance with estimates from Enormous Seek for Be taught, and entrepreneurs desirous to safe into the highly regulated trade are flocking to Flowhub’s suite of dispensary administration providers and products.
No longer easiest does the firm’s tool handle compliance concerns, in accordance with chief executive officer Kyle Sherman, nonetheless it completely furthermore integrates with companies admire Dutchie for online ordering to facilitate in-store purchases and provides integrations with LeafBuyer and Leafly to provide extra files to capacity outlets.
The firm furthermore up so a ways its tool to encompass the “Stash” app, a cellular inventory administration design, and a cashier app that integrates with iPads or a form of tablets to enhance point-of-sale capabilities.
“What we are experiencing upright now is an discontinue to cannabis prohibition and Flowhub is on the front traces of this motion,” mentioned Sherman, in an announcement. “Every ethical transaction finished with the Flowhub retail platform is a undeniable step forward, and we are dedicated to serving to our clients create thriving cannabis companies. With this funding, we are going to proceed to automate the cannabis provide chain, retail and reporting processes and lift to market skills solutions which would be no longer easiest shaping the cannabis retail trade, nonetheless furthermore driving forward the future of legalization and de-stigmatization.”
For traders admire Emily Paxhia, a managing director at Poseidon, the chance to abet a firm serving to to automate compliance within the regulated marijuana trade was as soon as too tempting to toddle up.
“The compliance and law parts construct this a particular trade and Flowhub is one in every of the main cannabis tech companies that is taking a meticulous and strategic ability,” Paxhia mentioned in an announcement. “We saw the aptitude for Flowhub’s skills and mission early on and we’re extremely overjoyed to proceed to enhance them in handing over the cannabis retail journey of the future.”