PALO ALTO, California, April 30, 2019 — Confident Cannabis, the only cannabis wholesale platform powered by verified lab information, raised $12 million in Series A funding, bringing their total to more than $18 million considering that inception. The new Series A funding will assistance accelerate development at Confident Cannabis and expand Wholesale to new markets. The round was led by San Francisco-primarily based Poseidon Asset Management, one particular of the most effectively-respected cannabis venture funds. The round integrated comply with-on participation from Bullpen Capital, Y Combinator, Greenfield International and Base Ventures, and new investment from FJLabs, a major marketplace venture investment fund.
“We are thrilled to companion with Poseidon simply because they fully align with our vision to foster a sustainable and vibrant ecosystem in which each and every ethical company thrives,” mentioned Steve Albarran, Co-CEO of Confident Cannabis. “Emily and Morgan have been superb partners and mentors with deep market know-how and attain, adding genuine worth in the course of each and every interaction. They comprehend what it requires to resolve the greatest challenge in cannabis: wholesale trade is just also tough.”
Confident Cannabis empowers all verticals in the provide chain—and in the end consumers—to know what is produced, who tends to make it, and what it is produced of in genuine-time. It is the only spot exactly where cannabis producers, processors, wholesalers and retailers showcase and find out merchandise from verified organizations with test outcomes straight from licensed labs. In October 2018, the corporation launched Wholesalein Oregon, a initial-of-its-sort wholesale platform exactly where all members of the cannabis provide chain can engage with one particular yet another, assured in being aware of all the merchandise have gone via a verified lab test with a licensed vendor.
Emily Paxhia and Morgan Paxhia, co-founders of Poseidon, had been tracking the software program company’s progress considering that initial meeting Confident Cannabis founders in 2015.
“In each and every lab diligence meeting, the operators raved about their Confident Cannabis software program options,” mentioned Emily Paxhia. “Almost no one particular raves about their tech options, so this stood out to us. Poseidon knew a wholesale answer that simply integrates into the workflow of the growers, processors and companies would be vital to this market and think in the way that Confident Cannabis approaches this answer. Wholesale options are not effortless to execute effectively, but we think this group has the approach, acumen and drive to optimize the way cannabis flows via the provide chain.”
Now, more than 40% of the legal cannabis developed in the United States across 20 states passes via Confident Cannabis’ Lab Testing platform. As Confident Cannabis expands its Wholesale platform beyond Oregon and into every single of its markets, this deep inventory provide will be produced accessible to licensed wholesalers and retailers, simplifying each and every step of wholesale trade.
“We’re honored to obtain continued assistance from several of our current investors, which includes Bullpen Capital, Y Combinator, Greenfield International and Base Ventures, who have believed in us and our mission considering that the early days. We’re also excited to function with FJ Labs, one particular of the world’s smartest marketplace investors,” mentioned Albarran.
“We’ve been following the company’s journey for some time as they constructed a globe-class solution to facilitate compliance in the cannabis market,” mentions Kelly Anne Tully, Head of Platform at FJ Labs. “FJ Labs invests and builds on the internet marketplaces, so we are excited to join this round to assistance Confident Cannabis’ transition in an fascinating and increasing market.”
“We’re all about investing in businesses that are outdoors of the box and obtaining revolutionary approaches to resolve emerging demands,” mentioned Paul Martino of Bullpen Capital. “Confident Cannabis match the bill. The cannabis market necessary wholesale pricing and software program to connect producers and sellers. They’re on major of the disruption this market is bringing, and on major of the answer to one particular of its initial issues.”
About Confident Cannabis
Founded on instilling trust and transparency in the cannabis market, Confident Cannabis empowers all verticals in the provide chain—and in the end consumers—to know what is produced, who tends to make it, and what it is produced of in genuine-time. It is the only spot exactly where cannabis producers, processors, wholesalers and retailers showcase and find out merchandise from verified organizations with test outcomes straight from licensed labs.
About Poseidon Asset Management
Founded in 2013 by Emily & Morgan Paxhia (siblings) – Poseidon oversees one particular of the longest operating committed cannabis investment funds, with more than $105MM Assets Beneath Management in the initial fund and targeting $75-100m for their second cannabis fund. With 35+ active portfolio businesses and almost 100 transactions in the market, the group is definitely one particular of the most prolific investors in the space. Poseidon’s portfolio covers the US, Canada, Colombia, and Europe and is expanding globally.
About FJ Labs
FJ Labs is an investment firm that invests in and builds on the internet marketplaces and e-commerce businesses. Founded by serial entrepreneurs Fabrice Grinda and Jose Marin, FJ Labs has additional than 350 active portfolio businesses which includes Boxed, Delivery Hero, FanDuel, Flexport and LendingHome, and has been straight engaged in developing businesses such as AdoreMe, Instacarro, Letgo, OLX and Rebag.
About Bullpen Capital
Bullpen Capital is a venture firm that invests in startups in between their Seed and Series A rounds. Their differentiated “Post-Seed” approach catapults startups to Super-Size Series A rounds even though providing founders additional manage more than their future. Considering the fact that 2010, Bullpen has been on a mission to uncover the leaders of quickly-increasing businesses in non-regular areas and industries struggling to raise capital – even if they had accomplished solution-industry match. Their portfolio has almost 80 businesses spanning industries from health-related cannabis to sports betting that have collectively generated more than $five billion in annual income and more than 70 % of their portfolio businesses have graduated to their subsequent round, raising additional than $1.eight billion in downstream capital.
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