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Flowhub enables dispensaries to manage complex compliance mandates, supply chain data, sales transactions, and reporting by delivering point of sale, inventory tracking, compliance and business intelligence data from a single, customizable platform. The company also provides a personalized experience to its customers as budtenders have access to demographic data and purchasing history.
FREMONT, CA: Colorado-based retail management for dispensaries, Flowhub, raised USD 23 million in a Series A funding led by e.ventures, Poseidon and Evolv Ventures, and Poseidon, with participation from 9Yards Capital, former NBA commissioner David Stern and Iqram Magdon-Ismail, the co-founder and former CEO of Venmo, among others. The newly generated funds will be used towards product innovation, hiring top technical talent, and expanding its partner ecosystem with future technology integrations and collaborations through an open API approach.
"What we are experiencing right now is an end to cannabis prohibition, and Flowhub is on the front lines of this movement," said Kyle Sherman, the company's founder and CEO."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 retail cannabis business, but also driving forward the future of legalization and de-stigmatization", he added.
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The company enables dispensaries to manage complex compliance mandates, supply chain data, sales transactions, and reporting by delivering point of sale, inventory tracking, compliance and business intelligence data from a single, customizable platform. By using Flowhub, dispensaries can use handheld devices to scan consumer ID at the door, where budtenders verify the data and use a Flowhub point-of-sale Cashier application to complete a transaction. The company also provides a personalized experience to its customers as budtenders have access to demographic data and purchasing history.
With local governments implementing more rules every day to crackdown cannabis usage, ventures have restricted themselves to making slower and more risk-free bets. As a result, cannabis-related startups require more substantial capital to combat regulation, compliance, licensing, and legal work. "Purchasing cannabis should be no different than walking into your favorite department store, selecting the right product for you, and then completing the transaction,” Sherman said.
Founded in 2015, Flowhub works with 700 customers across 11 different legal markets to make the retail process of purchasing cannabis easy. The company's customer base includes household brands like Cookies, Dr Greenthumb’s, Green Dragon, Nectar and Starbuds.
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