Green Bits Conquers Washington Cannabis Compliance Market

ben curren

In episode 25 of the Investing in Cannabis Podcast, Brandon David interviews Ben Curren of Green Bits, discussing the company’s point-of-sale service designed specifically for cannabis companies. Founded on March 24, 2014, Green Bits has been growing steadily and building out its service to help canna-businesses grow and stay legal. Green Bits was also named the first runner-up at TechCrunch Disrupt, the first time in history that a cannabis technology company had been invited to participate.


  • Software for point-of-sale inventory management and compliance for dispensaries
  • Operates as iPad app
  • Curren worked at Intuit’s QuickBooks and other software companies, including Outright, which he co-founded (with his current team)
  • Secret sauce is taking fairly complex processes and making them easy for budtenders to use
  • Market-share in Washington is over 50% after launching July 7th, 2014
  • Sold previous company in 2012 and stayed on for a year, but  got bored after six months.  Went to a conference in Washington and felt compliance requirements were an opportunity given other software options that were too complex
  • Early customers bought before software was even completed
  • Tracing product sold back to seed is what makes it so complex
  • Oregon will be implementing this requirement later this year
  • All of the software is built on a foundation of traceability, which is different from competitors
  • Scanning of bar code is what makes it easy for budtenders to use
  • Retailers have demanded that processors and producers include bar codes
  • Really helped Uncle Ike’s, a large Seattle store reduce lines at its 10 registers
  • Looking to collaborate with Weedmaps and Leafly
  • Will expand to OR, CA and CO, but focused on WA now
  • Decided to start where there was a green field rather than CO, which had systems installed already.  WA licensing process was spread out over time, making it more attractive to enter
  • No outside capital yet – the three co-founders have funded
  • 2/3 of customers pre-pay annually
  • Very close to cash-flow positive
  • Addressable market will increase in Washington, and now going after OR and CO, so company may look to raise cash to fund growth (sales primarily)
  • 0% churn so far, 5 month payback on cost of customer acquisition
  • Curren feels like they are slightly ahead of competition as they continue to refine product with team of three engineers
  • TechCrunch was a last-minute entry for the company after the entry deadline was extended, surprised to get in
  • Curren wanted to prove that this is a real industry
  • Plans to be in CA before 2018 but after CO and OR
  • Looking to hire!

Published by NCV Newswire
NCV Newswire
The NCV Newswire by New Cannabis Ventures aims to curate high quality content and information about leading cannabis companies to help our readers filter out the noise and to stay on top of the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated in anyway. Have a confidential news tip? Get in touch.

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