California Cannabis Distributor Nabis Completes $23M Series B Funding With Investors FJ Labs, Artemis And Others

California’s wholesale marketplace platform Nabis completed a $23 million Series B funding round Thursday with participating investors FJ Labs, Artemis Growth Partners, Silverleaf Venture Partners, Liquid 2 Ventures and Stanley Tang (co-founder, DoorDash).  

The San Francisco-based cannabis distributor plans to use the collected capital to expand its online wholesaling business, which already distributes more than $350 million worth of cannabis products annually. More specifically, Nabis will use the newly collected funds to advance its Nabis Marketplace platform, which offers streamlined sales and deliveries for brands and retailers.

The company will further improve its value-added services like Nabis Capital and Nabis Analytics. With adult-use cannabis legalization spreading across the nation, Nabis will soon be considering out-of-state expansion.

"Nabis is the only end-to-end cannabis wholesale marketplace platform that features lightning-fast fulfillment combined with financial and data analytics services that revolutionize cannabis brand and retail expansion,” Vince C. Ning, CEO and co-founder of Nabis stated. “The rapidly legalizing cannabis market will be one of the first entirely new regulated supply chains to be built after the invention of the internet."

Ning pointed out that traditional distribution is gone.

“We are enabling the cannabis brands and retailers of today to transact with the most modern technology tools to best serve the exponentially-growing demand for cannabis,” Ning added. “The cannabis wholesaling experience should be similar to best-in-class platforms like Faire that are found in more mature industries."

Currently, Nabis accounts for 10% of California’s legal cannabis distribution. Over the last 12 months, the company grew 140% in volume, with a portfolio of more than 100 premium brands. It also completed a $5 million Series A raise with investors such as Y Combinator and Babel Ventures.

Photo by CRYSTALWEED cannabis on Unsplash