Retail CIO Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Retail CIO Outlook
Femont, CA: Greenbits, the nation's largest cannabis retail platform, has raised $23 million in its Series B round of financing. Tiger Global Management, a New York-based investment firm focused on growth-oriented internet, consumer and payments, and software, co-led the round with Casa Verde, a Los Angeles-based cannabis investment fund. DNS Capital and several prominent industry executives with experience in software and payments also participated in the round. Coming at a time of economic uncertainty and distress, the investment emphasizes Greenbits's position as the leading technology firm in the legal cannabis industry.
"Over the last six months, we laid plans to position the company for a new phase of accelerated growth. We could not be more pleased that Tiger Global and Casa Verde share our vision and excitement in the future of the company and the sector at large," said Greenbits CEO Barry Saik, who joined the company in late 2019 after a long run at Intuit and then at GoDaddy.
"We are excited to partner with Greenbits again in its next phase of growth," said Karan Wadhera, Managing Partner of Casa Verde. "Greenbits has emerged as the leading player in the industry because of its sharp focus on retail, its ability to serve customers ranging from single store locations to the largest multi-state operators, and its development into a comprehensive retail platform that can rapidly scale." Saik noted that, despite the macro volatility and the coronavirus pandemic, legal cannabis sales remain robust. According to Saik, same store sales year-to-date are up 25 percent over the same period last year and same store sales in March 2020 were up nearly 35 percent year-on-year.
In conjunction with the funding, Greenbits also launched its renewed brand and corporate identity. The Greenbits brand update aligns with the company's core belief that regulated cannabis should be safer, easier, and smarter.
Today, Greenbits has expanded its foothold to more than 1,200 retail locations, including medical dispensaries and adult-use retailers, across 13 states of the U.S. The firm intends to use the newly raised capital to accelerate sales, marketing, and product development while expanding product and service offerings to new geographic markets.
Check out: Top Retail Solution Companies
Read Also
