GrowFlow Surpasses $2B in Compliant Cannabis Transactions

LOS ANGELES, Dec. 2, 2020 /PRNewswire/ -- GrowFlow, a business management and compliance solution for cannabis wholesalers and retailers, today announced that it has surpassed $2B in compliant cannabis transactions through the platform since launching in 2017. As of November 2020, the company has also surpassed $100M in transactions processed in just one month for the first time ever. This milestone represents an increased adoption by cannabis retailers and wholesalers using SaaS platforms to conduct compliant transactions with their customers.

While the COVID-19 pandemic damaged a wide range of industries around the world, the cannabis industry's 2020 growth is currently outpacing that of 2019. This cannabis boom has been reflected in GrowFlow's transactions, as well. Year-over-year, transactions through GrowFlow's platform have increased 196%. Over 1,200 customers, including cannabis cultivators, processors, distributors, and retailers, have actively participated and completed transactions through GrowFlow this year.

"This milestone, and the overall growth that the company has experienced year-over-year, is indicative of the value that we continue to bring to our customers, especially in such volatile times, in every step of the seed-to-sale process," said Travis Steffen, CEO, GrowFlow. "We continue to see significant increases in transactions each quarter, demonstrating continued demand for GrowFlow's solutions and unmatched customer service from cannabis businesses across the country."

Backed by a team of industry leaders experienced in the cannabis industry, GrowFlow is rapidly growing and is well-positioned to revolutionize the sector through innovative technologies beyond compliance and transactions. With the recent appointment of Eric Johannsen as Vice President of Engineering, the company is setting its sights on 2021 for continued growth, actively expanding its line of products and solutions in the coming months to provide improved business management and compliance solutions.

Most recently, GrowFlow launched Live Marketplace, a B2B virtual marketplace that links cannabis wholesalers and retailers in a digital storefront featuring up-to-date inventory. Developed for both cannabis wholesalers and retailers, GrowFlow Live Marketplace ensures businesses never oversell or miss an opportunity to sell through real-time, automated inventory updates. Live Marketplace launched first in Oklahoma, and the company is continuing to roll out the offering in California and Washington in December. This expansion of GrowFlow's product development line stems from raising $8.4M in a Series B funding round earlier in the year, led by TVC Capital.

While the cannabis industry, at large, has remained fairly resilient in the wake of COVID-19, many cannabis businesses are trying to adapt to the new reality the pandemic has forced upon them. GrowFlow has seen consistent growth among company valuation and generated revenue to-date in 2020, and has seen a 95% increase in full-time employees year-over-year. The company has also recently expanded its services into Michigan for the first time, now bringing offerings into eight states.

GrowFlow is already used by over 1,200 cannabis businesses and its platform integrates with state systems such as metrc and LeafData, and with other cannabis platforms such as SpringBig, and dutchie. Looking toward 2021, the company is focused on expanded product development, launching in new states and markets across the country, and creating content and resources across all states to become the most helpful company in cannabis.

About GrowFlow

Los Angeles-based GrowFlow is a customer-driven, B2B SaaS platform providing compliance, inventory management, point of sale, analytics and sales tools for cannabis and hemp businesses at various points in the supply chain. Founded in late 2016, GrowFlow is run by experienced technology founders and executives with management experience from organizations like Google, Microsoft, Expedia, TenCent, and others, and boasts over 1,200 customers in 8 states - including some of the largest operations in the world. For more information, visit https://growflow.com.

SOURCE GrowFlow

Related Links

https://www.growflow.com

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