Baker CEO Joel Milton told listeners at the Green Flower Cannabis Entrepreneurs Summit in May that he had spoken with 184 investors over several months as the company was seeking to raise capital. TechCrunch reported that the company, which offers software to dispensaries that allows their customers to order ahead and other tools designed to enhance customer loyalty, closed a $1.6mm financing that included media and technology investors as well as those more focused on the cannabis industry. The investment round was led by Michael Lazerow of Buddy Media and included several other non-traditional cannabis investors as well as Poseidon Asset Management.
With dispensaries, like any other retail business, it’s all about customer count. Baker helps them serve a greater number of customers or patients each day, increase revenue per client visit, and develop a strong relationship with customers to increase recurring revenue.
Morgan Paxhia Managing Director at Poseidon Asset Management
Baker, which operates in Colorado, Oregon and Washington as well as Canada, will be expanding to several other states.
Read Lora Kolodny’s “Baker raises $1.6 million to help marijuana dispensaries get customers in the door”: https://techcrunch.com/2016/08/05/baker-raises-1-6-million-to-help-marijuana-dispensaries-get-customers-in-the-door/