Cannabis company Nabis completes $23 million funding round

Women, minority execs show few gains in U.S. cannabis industry, according to the latest data from the MJBiz Diversity, Inclusion and Equity Report. Get your copy here.

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.