Confident Cannabis, a cannabis wholesale platform, has raised $12m to bring its total capitalization to more than $18m from their inception. The new funding is intended to enable the company to expand its operations into new territories across the country.
The Series A funding round was led by Poseidon Asset Management, a cannabis venture capital fund based in San Francisco. Other entities that invested more funds in Confident Cannabis include Y Combinator, Bullpen Capital, FJLabs as well as Greenfield Global and Base Ventures.
Confident Cannabis focuses on empowering all verticals within the cannabis industry so that all players, including cultivators and finally customers of cannabis end-products can know what is available in the industry, who makes it and what that specific product is made from. Confident Cannabis’ platform makes all this information available in real time, and the data they provide is verified by independent labs.
Last year in October, Confident Cannabis launched its platform, Wholesale, in Oregon. This meant that, for the first time, all players in the cannabis industry could interact with each other without having any fears about the authenticity or quality of the products showcased on the platform. The doubts were removed because Wholesale availed lab test results from licensed testing facilities.
Morgan Paxhia and Emily Paxhia, the two cofounders of Poseidon Asset Management, revealed that they decided to invest in Confident Cannabis after watching it closely from 2015 and seeing how far Confident Cannabis has come.
Emily Paxhia added that they were intrigued when all labs they encountered raved about how good the software provided by Confident Cannabis was. This was unexpected, because testing facilities rarely sing the praises of the software powering their systems. Poseidon Asset Management was hooked, and their participation in the Series A funding round is testament to their confidence in the future of Confident Cannabis.
Currently, more than 40 percent of all the marijuana which is produced legally within the U.S. passes through the lab testing platform run by Confident Cannabis. The expansion of their operations into more markets will avail that inventory of cannabis to more wholesalers, retailers and consumers.
All the entities that participated in this funding round praised Confident Cannabis for helping to increase compliance within the marijuana industry by providing solutions which address the current and future needs of the industry.
Redfund Capital Corp. (CSE: LOAN) (OTCQB: PNNRF) (Frankfurt: O3X4) and Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF) wish Confident Cannabis all the best because what they are doing helps all other players in the industry.
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
To receive instant SMS alerts, text CANNABIS to 21000
For more information please visit https://www.CNW420.com
Do you have a questions or are you interested in working with CNW420? Ask our Editor