Confident Cannabis Raises $12M Series A Led By Poseidon Asset Management To Expand Wholesale Platform Nationwide

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PRESS RELEASE

PALO ALTO, California, April 30, 2019 — Confident Cannabis, the only cannabis wholesale platform powered by verified lab information, raised $12 million in Series A funding, bringing their total to more than $18 million due to the fact inception. The new Series A funding will aid accelerate development at Confident Cannabis and expand Wholesale to new markets. The round was led by San Francisco-primarily based Poseidon Asset Management, one particular of the most effectively-respected cannabis venture funds. The round integrated comply with-on participation from Bullpen Capital, Y Combinator, Greenfield Worldwide and Base Ventures, and new investment from FJLabs, a major marketplace venture investment fund.

“We are thrilled to companion with Poseidon since they absolutely align with our vision to foster a sustainable and vibrant ecosystem in which each and every ethical company thrives,” mentioned Steve Albarran, Co-CEO of Confident Cannabis. “Emily and Morgan have been great partners and mentors with deep sector expertise and attain, adding genuine worth in the course of each and every interaction. They comprehend what it requires to resolve the greatest trouble in cannabis: wholesale trade is just as well challenging.” 

Confident Cannabis empowers all verticals in the provide chain—and eventually consumers—to know what is produced, who tends to make it, and what it is produced of in genuine-time. It is the only spot exactly where cannabis producers, processors, wholesalers and retailers showcase and uncover solutions from verified companies with test final results straight from licensed labs. In October 2018, the organization launched Wholesalein Oregon, a very first-of-its-type wholesale platform exactly where all members of the cannabis provide chain can engage with one particular a different, assured in figuring out all the solutions have gone by means of a verified lab test with a licensed vendor. 

Emily Paxhia and Morgan Paxhia, co-founders of Poseidon, had been tracking the computer software company’s progress due to the fact very first meeting Confident Cannabis founders in 2015.

“In each and every lab diligence meeting, the operators raved about their Confident Cannabis computer software options,” mentioned Emily Paxhia. “Almost no one particular raves about their tech options, so this stood out to us. Poseidon knew a wholesale answer that quickly integrates into the workflow of the growers, processors and companies would be important to this sector and think in the way that Confident Cannabis approaches this answer. Wholesale options are not uncomplicated to execute effectively, but we think this group has the approach, acumen and drive to optimize the way cannabis flows by means of the provide chain.”

Right now, more than 40% of the legal cannabis developed in the United States across 20 states passes by means of Confident Cannabis’ Lab Testing platform. As Confident Cannabis expands its Wholesale platform beyond Oregon and into each and every of its markets, this deep inventory provide will be produced obtainable to licensed wholesalers and retailers, simplifying each and every step of wholesale trade.  

“We’re honored to get continued assistance from numerous of our current investors, such as Bullpen Capital, Y Combinator, Greenfield Worldwide and Base Ventures, who have believed in us and our mission due to the fact the early days. We’re also excited to operate with FJ Labs, one particular of the world’s smartest marketplace investors,” mentioned Albarran. 

“We’ve been following the company’s journey for some time as they constructed a globe-class item to facilitate compliance in the cannabis sector,” mentions Kelly Anne Tully, Head of Platform at FJ Labs. “FJ Labs invests and builds on the internet marketplaces, so we are excited to join this round to assistance Confident Cannabis’ transition in an fascinating and increasing sector.”

“We’re all about investing in businesses that are outdoors of the box and acquiring revolutionary strategies to resolve emerging requirements,” mentioned Paul Martino of Bullpen Capital. “Confident Cannabis match the bill. The cannabis sector required wholesale pricing and computer software to connect producers and sellers. They’re on prime of the disruption this sector is bringing, and on prime of the answer to one particular of its very first challenges.”

About Confident Cannabis

Founded on instilling trust and transparency in the cannabis sector, Confident Cannabis empowers all verticals in the provide chain—and eventually consumers—to know what is produced, who tends to make it, and what it is produced of in genuine-time. It is the only spot exactly where cannabis producers, processors, wholesalers and retailers showcase and uncover solutions from verified companies with test final results straight from licensed labs.

About Poseidon Asset Management 

Founded in 2013 by Emily &amp Morgan Paxhia (siblings) – Poseidon oversees one particular of the longest operating committed cannabis investment funds, with more than $105MM Assets Below Management in the very first fund and targeting $75-100m for their second cannabis fund. With 35+ active portfolio businesses and practically 100 transactions in the sector, the group is genuinely one particular of the most prolific investors in the space. Poseidon’s portfolio covers the US, Canada, Colombia, and Europe and is expanding globally. 

About FJ Labs 

FJ Labs is an investment firm that invests in and builds on the internet marketplaces and e-commerce businesses. Founded by serial entrepreneurs Fabrice Grinda and Jose Marin, FJ Labs has extra than 350 active portfolio businesses such as Boxed, Delivery Hero, FanDuel, Flexport and LendingHome, and has been straight engaged in creating businesses such as AdoreMe, Instacarro, Letgo, OLX and Rebag.

About Bullpen Capital 

Bullpen Capital is a venture firm that invests in startups in between their Seed and Series A rounds. Their differentiated “Post-Seed” approach catapults startups to Super-Size Series A rounds although providing founders extra handle more than their future. Considering that 2010, Bullpen has been on a mission to discover the leaders of rapidly-increasing businesses in non-standard areas and industries struggling to raise capital – even if they had accomplished item-marketplace match. Their portfolio has practically 80 businesses spanning industries from healthcare cannabis to sports betting that have collectively generated more than $five billion in annual income and more than 70 % of their portfolio businesses have graduated to their subsequent round, raising extra than $1.eight billion in downstream capital. 

 For extra information and facts:

Confident Cannabis Media make contact with:

Zoe Wilder

[email protected]

310-972-0197



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