Greenbits, a cannabis retail platform serving more than 1,200 retail locations, has closed a $23 million Series B funding round, led by Tiger Global Management and Casa Verde Capital, the investment fund led by Snoop Dogg, Karan Wadhera and Ted Chung.
Capital will be used to drive sales growth, fund marketing and product development efforts, and expand the company’s product and service offerings to reach new markets.
“From the beginning, Greenbits has been laser-focused on serving the cannabis retail market, from single locations to multi-state operators," Karan Wadhera, managing partner of Casa Verde Capital, told Benzinga. "That commitment has propelled the company into becoming the leading player in the industry. We’re excited to continue partnering with Greenbits in its next phase of growth.”
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Greenbits CEO Barry Saik said legal cannabis sales are strong despite the macro volatility and coronavirus pandemic.
"This investment will help move the company into a phase of accelerated growth for sales, marketing, new product development, and expansion to new states," Saik said. "Above all, it means we’ll be able to continue helping our customers grow their own businesses with ease.”
Lead image by Ilona Szentivanyi. Copyright: Benzinga.
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