Flowhub cannabis tech platform raises $19 million

Flowhub, a cannabis software technology platform, said it closed a $19 million strategic raise to help the Denver company expand into emerging markets and grow a social equity program.

The funding round was led by venture firms Headline, based in Silicon Valley, and San Francisco-headquartered Poseidon Asset Management as well as a personal investment from rapper and entertainment mogul Shawn “Jay-Z” Carter.

The $19 million increases Flowhub’s total capital raised to $50 million, according to a news release.

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Under the company’s new program, social equity business owners will receive Flowhub’s point-of-sale software for $4.20 for up to three years as well as additional products and services.

In 2019, Flowhub raised $23 million in a Series A funding backed by numerous investors, including existing stakeholders Phyto Partners, based in Boca Raton, Florida, and Poseidon.