Cannabis retail point-of-sale company Flowhub, has raised $19 million with some help from Headline, Poseidon, and a personal investment from world-renowned rapper, entrepreneur, and entertainment mogul Shawn “Jay-Z” Carter. The company has so far raised to nearly $50 million and is currently valued at over $200 million.
“We are thrilled to announce this capital raise. Headline is an incredible Silicon Valley-based venture capital firm, Poseidon is a pioneer investor in the cannabis industry and Jay-Z is a cultural and creative global force no matter the industry he is involved in,” said Kyle Sherman, founder, and CEO of Flowhub. “I couldn’t think of a better group to be working with as we take this company to the next stage. This funding not only underscores the significant value that Flowhub provides to our customers, but also the maturation of the cannabis industry at large. We remain committed to developing innovative products that help our retail customers run better businesses.”
Flowhub said the additional money will speed up its expansion into emerging markets, develop its product line and grow its social equity program. Launched in June 2021, Flowhub’s social equity program invests in those who have been adversely impacted by the War on Drugs. Per the program, eligible social equity business owners receive Flowhub’s POS software discounted at $4.20 for up to three years, the mobile Stash and Greet apps, the View app, and free implementation. So far, Flowhub has awarded over $1 million worth of software products to eligible cannabis entrepreneurs via this program.
Flowhub processes more than $3 billion in cannabis sales annually and is trusted by over 1,000 dispensaries. Built specifically to serve the highly regulated cannabis industry, Flowhub helps dispensaries operate compliantly, effortlessly expand, and deliver exceptional guest experiences. By automating the compliance process that cannabis retailers have to deal with on a daily basis and helping dispensaries sell smarter, Flowhub is working to enable a future where cannabis is accessible to every adult on planet Earth.
Recently, Flowhub appointed Leandre Johns as Chief Operating Officer. The former Uber executive was brought in to help shape the business for the next stage of growth. The company also announced a recent integration by Weedmaps (NASDAQ: MAPS) to streamline online ordering for consumers and Flowhub-powered cannabis retailers.