Marijuana retail company Flowhub raised $19 million in funds with some assistance from Poseidon, Headline, and a personal donation from critically-acclaimed rapper, businessman, and mogul Shawn “Jay-Z” Carter. The firm has raised close to $50 million and is currently priced over $200 million. Founder and CEO of Flowhub, Kyle Sherman, was quoted in Green Market Report saying, “We are thrilled to announce this capital raise. Headline is an incredible Silicon Valley-based venture capital firm, Poseidon is a pioneer investor in the cannabis industry, and Jay-Z is a cultural and creative global force no matter the industry he is involved in.”
Sherman continued, “I couldn’t think of a better group to be working with as we take this company to the next stage.” Then concluded, “This funding not only underscores the significant value that Flowhub provides to our customers, but also the maturation of the cannabis industry at large. We remain committed to developing innovative products that help our retail customers run better businesses.” Flowhub expressed that the added funds will expedite its expansion into emerging markets, develop its product line, and grow its social equity program.
Launched early this past summer, the company’s social equity program invests in those adversely impacted by the War on Drugs. Via the program, qualified social equity merchandisers receive Flowhub’s POS software at a discounted rate of $4.20 for up to three years, the mobile Stash and Greet apps, the View app, and free implementation. Thus far, Flowhub has granted over $1 million in software products to eligible marijuana entrepreneurs through this program.
Flowhub produces more than $3 billion in marijuana transactions annually and has strong relationships with over 1,000 marijuana retailers. Specifically constructed to serve the highly regulated marijuana market, Flowhub helps dispensaries operate compliantly, effortlessly expand, and deliver excellent guest experiences. By automating the compliance process that cannabis retailers have to deal with daily and aiding cannabis retailers’ innovation, the company is working towards ensuring that there will be a future where marijuana is accessible to every adult on Earth.
With business moves such as this, where everyone is coming together to put up funds to ensure a better future for cannabis reform, there are no bounds to the possibilities.