Cannabis tech platform Alleaves finalizes $40 million funding

Florida-based Alleaves, a cannabis enterprise resource planning (ERP) technology platform, said it is wrapping up a $40 million Series A funding round to accelerate a multistate commercial rollout.

The funding is led by The Eleven Fund, an investment group for both public and private equity markets, at a valuation of $240 million, according a news release.

Alleaves works as a full seed-to-sale system, or it can combine with current systems to provide reporting and business analytics.

“The (cannabis) industry remains handicapped by a number of structural and regulatory factors, in addition to the challenges of what has largely been home brewed cottage industry technology,” Hartley Wasko, CEO of The Eleven Fund, said in the news release.

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Alleaves plans to acquire other complementary cannabis technology platforms to expand its customer base and create a “seamless, real-time seed-to-sale software, transaction, and compliance platform,” according to the news release.