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Press release content from PR Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

MAINSTEM -- The Leader In Redefining The Cannabis Supply Chain -- Announces $5 Million In Series C Funding, Bringing Total Raise To $11 Million

August 30, 2021 GMT
MainStem has raised $11 million to date.
MainStem has raised $11 million to date.
MainStem has raised $11 million to date.

SEATTLE, Aug. 30, 2021 /PRNewswire/ -- MAINSTEM — the integrated purchasing platform with an embedded marketplace that redefines the complex supply chain needs of the nascent cannabis industry — today announced the completion of its latest round of funding, securing $5 million in its recent Series C raise. While not plant-touching, MAINSTEM concentrated years of market feedback into the development of their proprietary integrated SaaS solution, Purchase Pro™, launched in June as the industry’s first and only cannabis-specific procurement software. Purchase Pro™ gives operators a platform that performs as a ‘single pane of glass,’ integrates into their existing applications, and allows visibility and control over their procurement needs across the industry.

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MAINSTEM’s funding to date tops $11 million, much of it from cannatech investors Merida Capital Holdings. Enjoying 213% in sales growth between 2017-2021, MAINSTEM was recently honored by INC. Magazine in its prestigious annual ′ 5000 Fastest-Growing Private Companies in America ′ list.

“This is an extremely meaningful milestone for us,” says MAINSTEM co-founder and CEO ALEN NGUYEN. “This recent capital raise is a reflection of where our industry is heading as well as a testament to the team we have worked so hard to build. Today’s cannabis companies need to utilize robust tracking solutions to maintain inventory levels and serve customers in real time. Our first-to-market SaaS technology provides that support and helps to bring our industry forward as it rapidly expands, offering merchandising convenience for our customers, wherever they are.”

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The Series C round enables MAINSTEM to better serve its customers, which include 1,000 vertically integrated operators in 26 U.S. states, 95% of which are MSOs or SSOs. According to a report from industry analyst BDSA, legal cannabis sales in the United States topped $17.6 billion in 2020, an astonishing 46% growth over 2019, and are expected to be near $43.1 billion in 2026.

Beset as it is by competing state laws, the lack of banking and credit, and the overall federal illegality of the substance — the cannabis industry will reward those that integrate vertically and those that strengthen the supply chain, according to a recent article in Green Entrepreneur. MAINSTEM considers itself to be the chain within supply chain.

“We’re seeing MAINSTEM succeed across boundaries that have traditionally stunted growth in the cannabis industry,” says Merida Capital Holdings senior operating partner THOMAS HARRISON. “The persistence, imagination, and forward-focused effort that MAINSTEM brings to the cannabis ecosystem keeps our interest piqued. I’m personally fascinated to see where MAINSTEM will lead its industry sector — and see no limits to its potential.”

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ABOUT MAINSTEM
The leading B2B marketplace and integrated supply purchasing platform for the cannabis industry, MAINSTEM was founded in Seattle, Washington, in 2014. Since its inception, MAINSTEM has evolved to redefine the cannabis supply chain. An integrated SaaS provider, MAINSTEM innovates through the alignment of its proprietary Purchase Pro™ product, the industry’s first and only cannabis-specific procurement software. Dedicated to supporting cannabis companies’ growth through robust technology and partnerships with growers, manufacturers, and dispensaries, MAINSTEM offers a one-stop ‘Amazon solution’ that works for businesses in all states where cannabis companies legally operate. MAINSTEM exists to eliminate supply chain challenges within the fast-growing cannabis industry. Learn more at mainstem.io.

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SOURCE MainStem