Jane Technologies, an online cannabis marketplace solution for dispensaries, has announced a $100 million Series C financing round, according to TechCrunch. The new investments boost the total raised by the 2015 start-up to $130 million. Jane says they will use the additional funds to create new features for their online platform and expand their footprint across the cannabis space.
According to TechCrunch, the company offers a turnkey online solution for both large and small dispensaries and serves about 20 percent of U.S. cannabis shops.
“I think we are really seeing the next chapter of what the future of e-commerce will look like, not just in the cannabis industry, perhaps across the world with various retail verticals like alcohol, convenience goods, restaurants and groceries.” — ” Jane Technologies co-founder Socrates Rosenfeld, via TechCrunch
Internal data shows the company in 2019 facilitated $100 million worth of cannabis with over one million users using the platform, in 1,000 dispensaries. Additionally, in those same two years, the number of products listed in their database has doubled from about 350,000 to 700,000. In 2021, Rosenfeld says the company projects to conduct $3.5 billion in online sales and work with 2,100 dispensaries.
“We feel extremely fortunate to be born from the cannabis industry where there was no direct consumer ecosystem. And we had to go and figure out a way to connect and tie the consumer to the brand and the retailer,” Rosenfeld told TechCrunch. “We couldn’t do that by shipping products directly to the consumer, and we couldn’t do that by competing against the retailer; we had to work in partnership with our retail partners to provide them with powerful e-commerce enablement tools.”
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