Oakland-based Treez, a management software platform serving the cannabis dispensary industry, has won a funding round worth $11.5 million, which it will use to expand its presence across the United States.
Treez’ end-to-end point of sale (POS) solution is currently used by over a hundred major dispensaries, including Airfield Supply Co., Garden of Eden and ShowGrow. Yesterday it announced that the “oversubscribed” Series A round, led by cannabis VC Intrinsic Capital Partners, brought its total funding to $15m, at a pivotal time for the American industry.
Treez CEO John Yang told Marijuana Business Daily that the cash injection allows his company “to continue to expand our team, invest in beneficial partnerships, and bring more creative retail management solutions.”
Legal cannabis is experiencing a boom in the US, as an increasing number of states consider decriminalizing the drug. The industry is set to grow at a CAGR of 17%, reaching a market value of $47bn in annual sales by 2028. That would place it alongside wine ($65bn) and cigarettes ($77bn) as one of America’s favorite substances.