In recent memory the cannabis industry has faced turbulence like never before. Over the past several years a green gold rush commenced as businesses were founded in droves and venture capital flooded in to support them. As this period of exuberance began to die down, investors became more cautious and began to reassess their strategies for deploying capital into cannabis businesses.
Despite the headwinds that this industry has faced it isn’t going anywhere: it continues to grow at an impressive ~25% CAGR, and in 2020 its global sales are projected to reach over $20B. It’s inspiring to see an industry of this size continue to expand at such a strong pace, and this has us excited about identifying and working with the businesses that will facilitate this growth.
With its signature mix of stigmas and regulatory hurdles the cannabis industry has in some ways had to navigate through rougher seas than other industries. With so many unique challenges to grapple with, it’s refreshing to see businesses like Greenbits demonstrate such a tenacious commitment to providing world-class technology to help cannabis businesses power through these difficulties. It provides the industry’s best POS system for dispensaries, and ensures that each and every day these businesses can operate as efficiently and smoothly as possible.
What sets Greenbits apart from its competitors is its unwavering focus on this specific customer segment, rather than dividing its resources to serve multiple types of cannabis businesses. While dispensaries are only one part of the story they are a critical one, and indeed the most visible manifestation of this industry’s profound growth story. No matter how you look at it the end goal of this industry is to sell safe, regulated products to consumers.
This maxim underscores the importance of foundational tech products like Greenbits that make it possible for dispensaries to stay compliant while keeping up with growing consumer demand. We’re excited to take part in this journey with Greenbits by participating in its Series B, and to support them as they continue to enable this industry to realize its full potential.
Originally published in 2020