California-based cannabis-technology firm Greenbits, which processes $3.7 billion in sales in more than 1,200 U.S. marijuana stores each year, raised $23 million in a financing round.
Greenbits, based in San Jose, said it will use the Series B funding to:
- Accelerate sales.
- Fund marketing.
- Develop products.
- Expand into new markets.
The company’s technology currently is used by recreational and medical marijuana stores in 13 states.
Greenbits CEO Barry Saik said in a statement that, despite market volatility and the coronavirus pandemic, legal marijuana sales in the stores served by Greenbits have risen 25% year-over-year and are up almost 35% in March compared to the same month in 2019.
Conversely, March sales in key adult-use marijuana markets either declined or experienced less-than-normal growth from 2019 to 2020.
The financing for Greenbits was led by New York-based investment firm Tiger Global Management and Los Angeles-headquartered Casa Verde Capital. Casa Verde also invested in Greenbits in 2017 and 2018.
Existing investors and software industry executives also provided part of the $23 million, according to Greenbits.
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