MainStem Expands Network Of Integrated Cannabis Software Partners

WASHINGTON: MainStem has announced signed affiliate agreements with Flourish and Weedtraqr, two leading technology providers of enterprise supply chain and inventory management systems. These seed-to-sale platforms serve cultivators, manufacturers, processors, wholesalers, distributors, and retailers in the regulated legal cannabis industry.

MainStem“We are excited to bring a value-add service into our technology suite,” said Colton Griffin, CEO of Flourish Software. “We love the idea of giving our clients more features and benefits from with inside of our technology platform. Flourish already controls the purchasing and inventory management of non-cannabis inventory. It makes perfect sense that we would partner with MainStem to streamline the purchasing process and procurement needs for all non-cannabis products for our clients.”

MainStem’s proprietary technology brings product manufacturers and suppliers to cannabis businesses with their MainStem Affiliate (MAP) and MainStem Vendor (MVP) programs. The Marketplace features MainStem’s product catalog of over 10,000 ancillary products such as product packaging, retail accessories, grow supplies, and traceability equipment from a wide selection of leading industry suppliers. Access to the Marketplace is included in the software at no additional cost to customers. Users can manage payment processing, order fulfillment, order status, all directly supported and operated by MainStem’s dedicated customer service team. Marketplace customers not only experience a one-stop shopping convenience but can also compare pricing and manage orders from multiple suppliers in a single purchasing platform.

“In the cannabis industry, seed-to-sale applications are the technological backbone that helps these businesses thrive. MainStem brings value and convenience to end users with resources they need to help run their businesses. For that reason, we vet our potential software partners to make sure the MainStem Marketplace will be valuable to the people using it,” said Liam Sweeney, MainStem Director of Business Development.

MainStem Closes Series B Investment Round At $2.175 Million Led By Merida Capital Partners

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.

Cannabis PE Firm Merida Capital Partners Exceeds $50 Million In Assets Under Management

NEW YORK:  Merida Capital Partners, a private equity fund targeting fundamental growth drivers underpinning the rapid development of the cannabis industry, announced it has crossed $50MM in assets under management and closed transactions in nine companies in its second Fund. With the full deployment of Merida’s first tranche of Fund II and the opening of the firm’s second investment tranche, Merida Fund II will continue its focus on high-conviction investments in leading companies that have crossed the ‘fragmentation gap’ yet need strategic capital to profoundly accelerate their respective growth curves. Merida will also focus on businesses implementing capex-lite models in the traditionally capital-intensive verticals of cultivation, dispensing, and life sciences.

“Merida continues to see an acceleration of institutional interest in our core strategy,” said Mitch Baruchowitz, Managing Partner of Merida Capital Partners. “As cannabis evolves as an agricultural product, a natural plant-based medicine, a constituent in medical-grade formulations, and an adult-use consumer product, Merida will capitalize on its data, informational edge, and deep relationships in the cannabis space to make high-impact investments that deliver value to investors.”

“People always talk about taking the ‘right money’ or ‘smart money,’ and Merida has proven to be the epitome of a true value-add investor in the cannabis space,” said CEO of Kush Bottles Nick Kovacevich. “From the first day we accepted their funds they have been involved in directly impacting our strategy and growth at Kush Bottles.”

“Merida has supported us in every way,” Marion Mariathiasan of Simplifya. “The firm has given us the resources we needed to broaden our footprint in providing cultivation and dispensary compliance, which ultimately leads to a more stable cannabis industry ecosystem.”

To date, Merida has closed lead investments in: Kush Bottles, a leading supplier of cannabis packaging and production logistics; GrowGeneration, an industry leader in commercial equipment sales and large-scale grow support with hydroponic supply locations in CA, CO, MI, RI, NV and WA; New Frontier Data, an independent, technology-driven analytics company specializing in vetted data, actionable business intelligence and risk management solutions for investors and participants in the cannabis industry; Simplifya, a technology company helping businesses of all sizes track cannabis compliance through industry-leading self-audit and reporting tools; Steep Hill Labs, an analytical testing company for licensed cultivators, producers, and manufacturers of cannabis; Canndescent, a California-based cultivator of ultra-premium cannabis; Valley Agriceuticals, one of only 10 New York-state licensed cannabis cultivators and manufacturer of medical-grade medicinal cannabis treatments and herbal medicines; Mainstem, a business-to-business (B2B) solution that consolidates cultivators, manufacturers, retailers and dispensaries into one comprehensive marketplace, connecting buyers directly to sellers via a MainStem Affiliate Partners program; and Emerald Scientific, a B2B leader in cannabis science supplies, equipment, and information.