Flowhub raises $ 23 million for its retail management software for cannabis dispensaries – TechCrunch

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As cannabis dispensaries flourish across the country alongside the push to legalize the use of medical and recreational marijuana, the demand for tools to handle the specifics of the weed retail business continues to grow. to augment.

Seeking to meet this need, Flowhub, a cannabis retail management software provider, has raised $ 23 million from a consortium of investors including e.ventures, Evolv Ventures (the venture capital fund backed by Kraft Heinz) and Poseidon.

The legal cannabis market is expected to exceed $ 66 billion over the next five years, according to estimates by Grand View Research, and entrepreneurs looking to enter the highly regulated industry are flocking to the suite of management services. Flowhub dispensary.

According to Managing Director Kyle Sherman, the company’s software not only addresses compliance issues, but it also integrates with companies like Dutchie for online orders 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 checkout app that integrates with iPads or other tablets to enhance point-of-sale capabilities. .

“What we are going through right now is the end of the cannabis ban and Flowhub is at the forefront of this movement,” Sherman said in a statement. “Every legal transaction made with the Flowhub retail platform is a positive step forward, and we are committed to helping our customers build successful cannabis businesses. With this investment, we will continue to automate the cannabis supply chain, retail and reporting processes, and bring technology solutions to market that not only shape the cannabis retail business, but also advance. the future of legalization and de-stigmatization. “

For investors like Emily Paxhia, Managing Director of Poseidon, the opportunity to support a company helping to automate compliance in the regulated marijuana industry was too tempting to pass up.

“The compliance and regulatory aspects make it a unique industry and Flowhub is one of the leading cannabis technology companies that takes a meticulous and strategic approach,” Paxhia said in a statement. “We saw the potential of Flowhub’s technology and mission early on and we’re excited to continue helping them deliver the cannabis retail experience of the future. “


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