WASHINGTON: MainStem, a leading cannabis e-commerce technology company, announced that it has closed its Series B Investment round led by a Merida Capital Partners, a private equity fund. According to a company press release, MainStem intends to use the funds to expand the MainStem Affiliate (MAP) and the MainStem Vendor (MVP) programs including software development, sales and marketing, and enhanced operations. This investment round also included investments from Poseidon Asset Management, all previous Series A investors, and others.
This latest round brings the total MainStem has raised to more than $3.35 million, The company recently partnered with Kush Bottles, the largest publicly traded ancillary supply company in the industry. Craig McCallum, CFO of MainStem, Inc., commented: “We are thrilled to see some of the best names in the industry recognizing the need for our integrated marketplace solution. Merida is a strategic and engaged investor, with goals that align directly with ours and we’re excited to have them on board.“
“There is great value creation in this highly scalable ancillary marketplace that Alen and team are building. We are at an ideal time for this platform as the industry’s rapid growth will continue to demand greater enterprise solutions. Poseidon’s participation is a testament to MainStem’s progress, and we look forward to seeing our strategic capital provide accelerated market penetration,” said Poseidon’s Managing Partner, Morgan Paxhia.
“MainStem, Inc. currently offers over 10k products for cannabis businesses to choose from including packaging, retail accessories, grow supplies, traceability equipment, and more. This capital investment will be used to grow our technology-driven marketplace solution and expand our platform integrations with other cannabis industry leaders, giving us the ability to scale accordingly with market growth and demand,” says Alen Nguyen, MainStem’s Chairman, and CEO.