A distinct rise in cannabis dispensaries and a global advancement towards the legalization of marijuana has brought about a growing need for methods to regulate the particulars of the cannabis retail industry. Cannabis retail management company, Flowhub, is aiming to do just that. It recently gathered a tidy $23 million thanks to a group of forward thinking investors, such as Evolv Ventures, e.ventures, and Poseidon.
Data from Grand View Research indicates that the legitimate cannabis industry is predicted to generate over $65 billion by 2025.
The future of marijuana regulation
Flowhub’s software isn’t just a solution to cannabis management concerns. The company’s Chief Eecutive Officer, Kyle Sherman, says that it also fits in nicely with companies such as Dutchie for online purchasing, and LeafBuyer to offer better information to possible retailers. Flowhub has also created an app called Stash, which is essentially a digital inventory control system as well as a cashier app for your iPad or tablet, which is designed to enhance point-of-sale ability.
“What we are experiencing right now is an end to cannabis prohibition and Flowhub is on the front lines of this movement,” stated Sherman. “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.”
Managing Director at Poseidon, Emily Paxhia, says the chance to support a company working to automate compliance in the field of marijuana dispensary management was just too enticing to ignore.
“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,” said Paxhia. “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.”