Cannabis Point-of-Sale and Compliance Platform Green Bits Raises $17 Million in Series A Round
In 2017, Green Bits Grew Subscription Revenue 214% and Now Processes More than $2.2 Billion in Sales Annually
SAN JOSE, Calif., April 18, 2018 /PRNewswire/ — Green Bits, the nation’s leading 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.
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.
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.
About Green Bits
Green Bits (www.greenbits.com) is the nation’s leading retail management and automated compliance platform built to help legal cannabis retailers grow their businesses. Green Bits serves approximately 1,000 cannabis retailers across 12 states – Alaska, Arizona, California, Colorado, Maine, Maryland, Massachusetts, Michigan, Montana, Nevada, Oregon, and Washington State. Green Bits processes more than $2.2 billion in sales annually through its point-of-sale platform. With more than 60 employees, Green Bits is headquartered in San Jose, California, and has an office in Portland, Oregon.
About Casa Verde Capital
Casa Verde Capital (www.casaverdecapital.com) makes early stage investments in ancillary cannabis businesses that do not “touch” the plant. This approach allows the firm to focus its efforts on companies that can scale in an uncertain regulatory environment.