A cannabis-tech platform that quietly handles $1 billion in sales every year is the hottest startup that the industry's investors are eyeing
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The US cannabis industry is projected to reach $85 billion by 2030, up from $51 billion now, and Flowhub — which already operates across 12 states — is set to benefit as more states legalize cannabis. "I think that a business that helps retailers make cannabis more accessible is a business that in the long-run creates a lot of value for customers, for employees, for shareholders," he said.Flowhub is what's known as a retail management platform, which means it provides all the software needed to run a shop selling cannabis, from tracking shipments and inventory, to processing sales and making sure companies are following the rules in their particular state.
Some outside the cannabis world may wonder why there needs to be a retail management platform specifically built for the cannabis industry. There are already systems built to serve a variety of businesses that range from cafes to clothing stores. "It was really hard physically to get off of them," Sherman told Business Insider. "I used cannabis to get off of everything successfully, minimizing withdrawal symptoms and it was a phenomenal experience."
"They have the DNA of a Silicon Valley company," Narbe Alexandrian, president of Canopy Rivers, a Flowhub investor,
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