Cannabis hiring platform Vangst revealed Thursday that it has secured $19 million in financing through a Series B funding round.
Led by Level One Fund with participation from previous investors including Lerer Hippeau, Colle Capital, Casa Verde Capital, Phyto Partners and new investors including L2 Ventures, Althea, Delta Emerald Ventures, Achari VC, the round highlights the Vangst's growth over the last three years, the Denver-based company said.
What It Means For Vangst
Vangst intends to utilize the new funding to expand its platform into new markets to support the influx of jobs as well as to launch products that support both cannabis businesses and employees, including training and employee payment solutions.
The Vangst platform streamlines the hiring process by matching both full-time employees as well as vetted, credentialed, W2, on-demand GIG workers with cannabis businesses across the U.S. Currently, Vangst works with 1,200 of the leading cannabis businesses, including Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF), Dutchie and Holistic Industries.
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Cannabis Hiring Trends
Over the past year, the cannabis sector reported a 25% increase in full-time employees and currently employs over 400,000 individuals, the company noted. Moreover, cannabis employment is expected to grow 100% by 2025.
"Cannabis is an undeniably large and fast-growing market, and Vangst is the only company offering scalable recruitment solutions tailored for the industry's unique needs," James Stewart, managing partner at Level One Fund said. "Few, if any industries, share the constant state of flux and unpredictability that cannabis has, and consequently, there are only a handful of founders equipped to handle the challenges that come with it. Vangst is not only an extremely effective solution to these challenges, but its founder is a true force of nature. We are proud to lead this round and support Vangst as it continues to be a crucial utility to the entire industry."