INSUBCONTINENT EXCLUSIVE:
As cannabis dispensaries flourish across the country alongside the push to legalize medicinal and recreational marijuana use, demand for
tools to manage the specificities of the weed retail business continues to increase.Looking to address that need, Flowhub, a cannabis retail
management software vendor, has raised $23 million from a consortium of investors including e.ventures, Evolv Ventures (the Kraft
Heinz-backed venture capital fund) and Poseidon. The legal cannabis market is expected to top $66 billion over the next five years,
according to estimates from Grand View Research, and entrepreneurs looking to get into the highly regulated industry are flocking to
Flowhub’s suite of dispensary management services.Not only does the company’s software address compliance concerns, according to chief
executive officer Kyle Sherman, but it also integrates with companies like Dutchie for online ordering to facilitate in-store purchases and
adds integrations with LeafBuyer and Leafly to provide more information to potential retailers.The company also updated its software to
include the “Stash” app, a mobile inventory management system, and a cashier app that integrates with iPads or other tablets to improve
point-of-sale capabilities.“What we are experiencing right now is an end to cannabis prohibition and Flowhub is on the front lines of
this movement,” said Sherman, in a statement
“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 investors like Emily Paxhia, a managing director at Poseidon, the opportunity to back a company helping to automate
compliance in the regulated marijuana industry was too tempting to pass 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 said in a
“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.”
