Cannabis tech firm Treez raises $51 million in Series C funding

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San Francisco-based cannabis technology company Treez completed a $51 million Series C funding round that values the firm at $260 million.

“Treez will use the funding to fuel its aggressive sales growth, accelerate product innovation, including developing new payments and advanced analytics solutions, enhance the functionality of its open cloud commerce platform for single-store and multi-store operators, and expand its geographic reach,” the company said in a Wednesday news release.

The fundraising round included participation from previous investors plus new investors Long Ridge Equity Partners, Kanye Partners and Synchrony Financial.

Long Ridge partner Angad Singh and “experienced FinTech investor” Gowri Narayanan have been added to the Treez board, according to the release.

Kanye managing partner Nishita Cummings and Synchrony principal Josh Aycock have been added as board observers.

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Privately held Treez, which said its revenue grew by 82% in 2021, offers cannabis industry software such as point-of-sale and inventory management platforms.

The company’s software is now used in eight states after expanding into two new markets, according to the release.