SAN JOSE — Greenbits, which offers point-of-sale software for cannabis retailers, has raised $23 million in its Series B financing round. Coming at a time of economic uncertainty, the investment reinforces Greenbits’s position as the leading technology company in the legal cannabis industry.
Greenbits’ retail platform – with automated state-by-state compliance, point of sale, inventory control, and personalized insights – enables owners, managers, and budtenders to run, protect, and grow their businesses with ease.
Tiger Global Management, a New York-based investment firm focused on growth-oriented internet, software, consumer and payments, co-led the round with Casa Verde, a Los Angeles-based cannabis investment fund. DNS Capital and several prominent industry executives with experience in software and payments also participated in the round.
Today, Greenbits serves more than 1,200 retail locations, including medical dispensaries and adult-use retailers, across 13 states. Greenbits will use the new capital to accelerate sales, marketing, and product development while expanding product and service offerings to new geographic markets. In February, Greenbits began operating in the state of Illinois, which opened its adult-use market in January and is expected to become the second-largest cannabis market in the United States.
“Over the last six months, we laid plans to position the company for a new phase of accelerated growth. We could not be more pleased that Tiger Global and Casa Verde share our vision and excitement in the future of the company and the sector at large,” said Greenbits CEO Barry Saik, who joined the company in late 2019 after a long run at Intuit and then at GoDaddy.
“We are excited to partner with Greenbits again in its next phase of growth,” said Karan Wadhera, Managing Partner of Casa Verde. “Greenbits has emerged as the leading player in the industry because of its sharp focus on retail, its ability to serve customers ranging from single store locations to the largest multi-state operators, and its development into a comprehensive retail platform that can rapidly scale.”