With cannabis legalization expanding around the globe, marijuana-targeting FinTech startups are a growing breed, too. The latest to secure venture capital is WAYV, a procurement platform designed for the legal cannabis industry. A press release this week said the firm landed $5 million in Seed funding from Craft Ventures, which will be used to bolster WAYV’s supply chain management and logistics offerings, the company said.
“As California moves to a regulated and licensed system, there is a long tail of retailers and brands in the industry that need to be connected,” said Craft Ventures Co-founder David Sacks in a statement. “The WAYV marketplace provides this critical bridge.”
WAYV, which launched earlier this year, enables retailers to procure products and gain access to delivery, fulfillment and other logistics solutions, including real-time inventory management. Licensed brands can expand their reach to retailers, while retailers can receive next-day delivery.
“Navigating the antiquated cannabis supply chain as a retailer, grower, manufacturer or distributor is costly and cumbersome,” said WAYV Co-founder and CEO Keith McCarty in a statement. “That’s why we created WAYV. Our platform catapults the cannabis industry forward with modern technology and a compliant marketplace — already in use by hundreds of brands and distributors. WAYV’s marketplace streamlines fulfillment, integrates compliance with payment terms and provides real-time product tracking. Now, retailers can build long-term, trusted relationships with brands.”
Supply chain tracking and management have emerged as popular focuses for cannabis startups, as legalization efforts grow and industry players need to maintain compliance and security.
Last month, blockchain company DMG Blockchain Solutions introduced its own cannabis supply chain management solution, with plans to launch the tool in Canada, which recently legalized recreational marijuana.
In July, Tilray became the first cannabis company to float on a U.S. exchange, raising $153 million for its cannabis production operations.
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