Marijuana software company Distru raised $6 million in a Series A funding round led by Poseidon Investment Management.
The funding will be used to expand Oakland, California-based Distru’s product offerings, enhance compliance inventory, integration and order-management capabilities, according to a news release.
The raise also will enable the company to expand its integration with Florida-headquartered seed-to-sale provider BioTrack integration into 11 additional states, including New York.
Distru has achieved strong profitability and product expansion through integrations with Blaze, Dutchie, LeafLink, Metrc Connect and Treez, according to Blain Hatab, the company’s co-founder and CEO.
The company’s enterprise resource planning (ERP) platform serves cannabis operators in 25 states and processes more than $2 billion in gross merchandise value annually, the release noted.
“We are advancing our mission of consolidating cannabis operations under one platform, providing manufacturers, distributors, brands and vertically integrated operators with a comprehensive toolset that enhances compliance, operational efficiency and data-driven decision-making,” Hatab said in a statement.
“We closed this strategic funding round to pull in Poseidon with their deep understanding of the cannabis tech sector to support in navigating the next decade of our growth as the most trusted ERP platform in the industry.”
“Distru’s clear focus on supporting cannabis operators’ success and compliance, coupled with a robust and scalable platform, aligns with our commitment to backing transformative solutions in the sector,” Morgan Paxhia, co-founder and managing director of San Francisco-based hedge fund Poseidon, said in a statement.
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