California cannabis distributor Nabis said it raised $23 million in a Series B fundraising round in a quest to expand daily operations and the company’s online wholesaling platform.
In a news release, the San Francisco-based company said the funds would be put toward expanding its Nabis Marketplace, a wholesale portal for retailers and brands.
Investors in the Series B funding included FJ Labs, Artemis Growth Partners, Silverleaf Venture Partners, Liquid 2 Ventures and DoorDash co-founder Stanley Tang, the company noted in its release.
Nabis previously raised $5 million in a Series A funding round.
“We are enabling the cannabis brands and retailers of today to transact with the most modern technology tools to best serve the exponentially-growing demand for cannabis,” CEO Vince Ning said in the release.
Ning added modern distributors should emulate platforms such as Faire, a self-described “one-stop shop” wholesale platform that acts as an online, big-box wholesale store.