William C Goodin
Posted by William C Goodin on May 23, 2019 9:05:00 AM

Confidence Cannabis Raises $12 Million To Expand Wholesale Platform

 

0-1California-based Confident Cannabis, recently announced that it has raised $12 million in Series A funding. This brings the total funds the company has raised since its inception to $18 million. The new Series A funding will help to expand the company’s ‘Wholesale platform’ to new markets. Confident Cannabis mission is “to foster a sustainable and vibrant ecosystem in which every ethical cannabis business thrives”

Leading the investors in the Series A funding round is San Francisco-based, well-known, cannabis venture fund, Poseidon Asset Management. Other key investors include Y Combinator, FJLabs, Greenfield Global Opportunities Fund, Bullpen Capital, and Base Ventures. Confident Cannabis’ software gives provides both supply chains and consumers the power to monitor every aspect of production in real-time.

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Confident Cannabis launched ‘Wholesale’ in Oregon in 2018. This platform is the first of its kind and has become a meeting point for all members of the cannabis supply chain. Emily Paxhia, co-founder of Poseidon said, “In every lab diligence meeting, the operators raved about their Confident Cannabis software solutions. Almost no one raves about their tech solutions, so this stood out to us. Poseidon knew a wholesale solution that easily integrates into the workflow of the growers, processors and manufacturers would be critical to this industry and believe in the way that Confidence Cannabis approaches this solution.”

It is estimated that more than 40% of cannabis produced in 20 states of the U.S. pass through Confident Cannabis’ Lab Testing platform. The expansion of the Wholesale platform beyond Oregon will make this deep inventor supply accessible to licensed wholesalers and retailers, thus, simplifying trade.

The Co-CEO of Confident Cannabis, Steve Albarran said, “We’re honored to receive continued support from many of our existing investors, including Bullpen Capital, Y Combinator, Greenfield Global and Base Ventures, who have believed in us and our mission since the early days. We’re also excited to work with FJ Labs, one of the world’s smartest marketplace investors.”

What Investors Had To Say

Some investors have commented on why they chose Confident Cannabis. Head of Platform at FJ Labs, Kelly Anne Tully, said, “We’ve been following the company’s journey for some time as they built a world-class product to facilitate compliance in the cannabis industry. FJ Labs invests and builds online marketplaces, so we are excited to join this round to support Confident Cannabis’ transition in an exciting and growing industry.”

Bullpen Capital’s Paul Martin said, “We’re all about investing in companies that are outside the box and finding innovative ways to solve emerging needs. Confident Cannabis fit the bill. The cannabis industry needed wholesale pricing and software to connect producers and sellers. They’re on top of the disruption this industry is bringing, and on top of the solution to one of its first problems."

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Tags: Finance

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