Flowhub, a next generation seed-to-sale compliance platform for the cannabis industry, is pleased to announce it has closed an oversubscribed $3,250,000 Series A round of equity financing led by Green Lion Partners and Phyto Partners. Since launching in June 2016, Flowhub has processed close to $200 million in purchases across hundreds of the leading dispensary locations in Colorado, Oregon and Alaska.
"We are thankful for the strong support we've received from some of the leading institutional investors in the cannabis space, giving us the resources we need to take Flowhub to the next level," said Mr. Kyle Sherman, Flowhub's Founder and CEO. "We are confident that within the next few months, a significant percentage of all transactions occurring in the regulated cannabis industry will be facilitated by the Flowhub platform."
Flowhub offers platforms for both retail and cultivation that automatically report mandatory compliance data to state regulators via a direct API. The entire ecosystem has been crafted specifically for the regulated cannabis industry. Flowhub's market share has grown over 300% since Q4 2016 and has attracted some of the largest regulated dispensaries in the country as customers.
"Our business has changed for the better since switching to Flowhub several months ago," said Mr. Matthew Aiken, Owner of Sweet Leaf with several stores in multiple states. "I've been in the industry for years and nobody comes close to offering what Flowhub does. We've seen a major productivity increase in our budtenders, managers, and compliance team and we're saving more time and money than I expected. We're excited to expand our business with Flowhub technology powering our infrastructure."
"We have no shortage of deal flow in the cannabis sector. We've looked at hundreds of investment opportunities in the space and have strong relationships with industry leaders in retail and cultivation. It's clear Flowhub has a unique vision for the future of technology solutions in the industry and we couldn't be happier to be a part of this mission," said Mike Bologna, CEO of Green Lion Partners.
"The technology solution Flowhub provides is critically important to operators, they can't do business without it. This vertical is where we see billion dollar valuations in the coming years," said Larry Schnurmacher of Florida based Phyto Partners, "We believe the Flowhub team will dominate the technology backbone of the cannabis industry and are proud to have Flowhub in our portfolio allowing our investors the opportunity to invest in this emerging industry."
Grow operation and dispensary owners who would like to learn more about Flowhub are encouraged to visit flowhub.co.
About Flowhub
Flowhub has developed the next generation of seed-to-sale software for the regulated cannabis industry. Flowhub enables growers and dispensaries to streamline their supply chain operations and optimize their profit margins. Flowhub was formed in 2015 and is based in Denver, CO. For more information, please visit flowhub.co.