Wurk, a Denver, Colorado-based workforce compliance platform for the cannabis industry, has raised $2 million as part of a seed fund round to hire executives and expand its operations in states with newly legal cannabis markets. The company has now raised a total of $3 million during the round, led by Poseidon Asset Management, with participation from Phyto Partners, Salveo Capital, and Arcview Investor Network.
The firm assists cannabis industry operators in navigating state and local regulations, providing human resources and payroll infrastructure, and tax solutions.
Keegan Patterson, Wurk CEO, said the funding gives the company the ability to scale their business in a way that helps them “keep up with the demands of this evolving and growing marketplace.”
“With eight new markets emerging in November, including the passing of Prop 64 in California and the new administration’s focus on compliance, we knew we would need to scale the business quicker to meet this demand,” Patterson said in a press release.
Emily Paxhia, managing partner at Poseidon Asset Management, said they have seen “positive responses from operators” who migrate to the Wurk platform.
“Closing this recent raise provides them with the capital to grow their business and market share through strategic hires, expanding on their already strong team,” she said in a statement. “Additionally, their plans to scale and to reach more companies will make for a stronger industry across the board.”
As part of the expansion, Wurk has hired Matt Kelly as Chief Financial Officer and Jay Meyers as Chief Revenue Officer.
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