Confident Cannabis, a cannabis wholesale platform powered by verified lab data, raised $12 million in Series A funding to accelerate growth and expand into new markets.
The round was led by San Francisco-based Poseidon Asset Management, one of the leading cannabis-focused funds. Other participants include Bullpen Capital, Y Combinator, Base Ventures, Greenfield Global Opportunities Fund and FJLabs.
Through this round, Confident Capital increased the total raised amount to $18 million.
Why It's Important
Confident Cannabis provides lab testing services across all verticals in the cannabis supply chain.
Over 40 percent of the legal cannabis produced in 20 states passes through Confident Cannabis' Lab Testing platform. Last year, the company launched its wholesale platform in Oregon, allowing members of the cannabis supply chain to engage with one another, assured in knowing all products passed a verified lab test with a licensed vendor.
With the new funding, Confident Cannabis plans to expand its wholesale platform beyond Oregon.
"In every lab diligence meeting, the operators raved about their Confident Cannabis software solutions. Almost no one raves about their tech solutions, so this stood out to us. Poseidon knew a wholesale solution that easily integrates into the workflow of the growers, processors and manufacturers would be critical to this industry and believe in the way that Confident Cannabis approaches this solution," Poseidon Co-Founder Emily Paxhia said in a statement.
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