SAN JOSE, Calif. (April 18, 2018) – PRESS RELEASE – Green Bits, a retail management and automated compliance platform that helps cannabis dispensaries and retailers efficiently and legally run their businesses, today announced it completed a $17 million Series A round of financing, according to a press release.
Tiger Global, a New York-based investment firm focused on investing in growth oriented Internet and Software companies, led the round with participation from Casa Verde Capital, a venture capital firm focusing on the ancillary cannabis industry, and other investors.
This new round brings Green Bits’ total outside funding to $19.3 million, demonstrating its continued adoption and growth within the rapidly expanding legal cannabis industry.
Green Bits will use the new capital to accelerate sales, marketing and product development while expanding product and service offerings in new geographic markets. In the last year alone, Green Bits expanded into seven new states as more and more states adopt frameworks for the regulated sales and consumption of cannabis. Currently, Green Bits serves approximately 1,000 dispensaries in 12 states. Cannabis is legal in 30 states and the District of Columbia for adult and/or medical uses.
“We are honored and excited to have Tiger Global join our team. We have grown quickly in a short period, and this new capital will allow us to exponentially accelerate our growth. Our goal is to be in every state that has legalized cannabis in some way,” said Ben Curren, co-founder and chief executive officer of Green Bits.
Complementing Tiger’s involvement, Casa Verde Capital also participated in the round, increasing its ownership position in Green Bits. “We couldn't be more excited to reinvest in Green Bits. This round brings tremendous validation not only to Green Bits but also to the cannabis industry," said Casa Verde Capital's Managing Partner, Karan Wadhera.
Green Bits provides a retail platform built to address the unique needs of cannabis retailers, ensuring compliant retail operations with real-time, automated updates to state traceability systems, and built-in controls that adhere to local laws. In addition, the company’s platform helps business owners grow revenue and streamline store operations with patient and customer loyalty programs, the widest array of menu offerings, and sophisticated receiving and inventory tools.
