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.
Seeking 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 high $66 billion over the following 5 years, in line with estimates from Grand View Research, and entrepreneurs trying to get into the extremely regulated trade 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 government officer Kyle Sherman, nevertheless it additionally integrates with firms 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 cell 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,” stated Sherman, in an announcement. “Each authorized transaction accomplished with the Flowhub retail platform is a optimistic step ahead, and we’re dedicated to serving to our clients construct thriving hashish companies. With this funding, we’ll proceed to automate the hashish provide chain, retail and reporting processes and produce to market know-how options that aren’t solely shaping the hashish retail enterprise, but in addition driving ahead the way forward for 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 trade was too tempting to cross up.
“The compliance and regulation facets make this a singular trade and Flowhub is among the main hashish tech firms that’s taking a meticulous and strategic strategy,” Paxhia stated in an announcement. “We noticed the potential for Flowhub’s know-how and mission early on and we’re thrilled to proceed to assist them in delivering the hashish retail expertise of the long run.”