Seattle-primarily based Wikileaf is 1 of the quickest-expanding names in cannatech. The website, which provides price tag and strain comparison tools for cannabis dispensaries, has grown to 1.six million month-to-month customers, and enterprise offices in the United States, Canada and India.
In late May well, Wikileaf raised $six.eight million in new funding and filed the preliminary paperwork that will let the enterprise to go public on the Canadian Securities Exchange later this year — producing them 1 of the initial U.S.-primarily based cannatech firms to go public.
However, back in 2014, Wikileaf was but an thought in the thoughts of founder and CEO Dan Nelson, a Washington State graduate and fintech entrepreneur who had just returned to the United States soon after 3 years abroad. Shocked to see all of the new cannabis dispensaries in his hometown, Nelson started investigating applications for a price tag comparison tool he had been creating in the cannatech planet. Therefore, Wikileaf was born.
Constructed In heard from Nelson himself on the ups and downs of the company’s history, Wikileaf’s impending IPO and the future of cannatech at huge:
What challenges has your enterprise overcome to get exactly where it is nowadays?
Internally, the largest challenge has been connected to development and the plethora of concepts that comes with new folks. Integrating these concepts and then producing prioritization was the initial challenge as a new group. From an external standpoint, it is been the continued federal stance on cannabis. Not getting in a position to invest revenue to build operating promoting funnels across all of the normal avenues has been an intriguing challenge.
As you prepare for the subsequent large step on Wikileaf’s journey, what achievement or milestone are you most proud of as a result far?
Reaching 1 million in month-to-month internet guests is the milestone I’m most proud of. To know that millions of folks are relying on Wikileaf as a trusted supply for cannabis costs, dispensary areas and strain information and facts is how I know we’re getting correct to our mission to empower the cannabis customer.
A listing on the CSE is a large deal for a U.S.-primarily based cannatech enterprise. What created your firm determine it was time to take this step?
We have been eyeing the public markets for more than two years now and, even even though private, we have constantly carried out our extremely greatest to hold ourselves to the requirements of a public enterprise. We think that 2019 is a terrific year to make the move. There have been a lot of terrific businesses in each cannabis and tech to IPO this year and we want to piggyback on their achievement. We’ve also hit all the internal objectives and milestones that we had set for ourselves prior to going public.
How do you see the cannatech marketplace evolving in the United States and beyond?
In the quick term, I count on to see a ton of innovation and new businesses locating marketplace match and acquiring funding. In the extended term, I would count on points to mature and consolidate by way of mergers and acquisitions as effectively as additional mainstream partnerships outdoors of the cannabis sector.
What predictions do you have for the future of the sector?
It will be larger than the hype and a worldwide phenomenon.