Seattle-based MainStem, a cannabis e-commerce tech firm, has closed its Series B funding round with a nearly $2.2 million raise led by Merida Capital Partners.
MainStem will use the new capital to expand its MainStem Affiliate and MainStem Vendor programs, the firm’s main platforms used by indoor and outdoor cannabis farmers to purchase supplies and packaging, the company said in a news release.
The money will also go to build out its software development, sales and marketing operations.
The funding round, which included investments from Poseidon Asset Management and previous Series A investors, brings MainStem’s total capital raised to date to more than $3.35 million.
Officials with MainStem couldn’t immediately be reached for comment.
Based in New York, Merida is a cannabis industry private equity firm.
The company recently announced it had more than $50 million in assets under management, having closed direct investments in burgeoning firms such as Kush Bottles, GrowGeneration and Canndescent.