Wurk, a human capital management company for the cannabis industry, said Tuesday that it secured $11 million in a funding round. The company plans to use the capital on its expansion strategy.
What Happened
The funding round was led by returning investors Poseidon Asset Management and Arcadian Fund. Other investors that participated in the round were Altitude, Salveo Capital and Phyto Partners.
In April 2018, the company raised $3.2 million from Poseidon, Phyto Partners, Altitude, Arcview and Arcadian.
Why It's Important
In 2018, a number of states legalized medical and recreational marijuana. In 2019, the trend is expected to continue as more states have legalization bills up for consideration.
Wurk said it plans to use the capital to expand its cannabis HCM platform and to enhance the client experience. The company also intends to launch managed services that would allow customers to access human resource, payroll and tax experts.
In addition, Wurk said it aims to launch an analytics engine to provide highly sought-after data for the cannabis industry so that employers can increase their operating efficiencies.
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