SEATTLE--(BUSINESS WIRE)--MainStem, Inc. a leading cannabis e-commerce technology company, today announced that it had closed its Series B Investment round led by a Merida Capital Partners, a private equity fund. MainStem intends to use the funds to expand the MainStem Affiliate (MAP) and the MainStem Vendor (MVP) programs including software development, sales and marketing, and enhanced operations. This investment round also included investments from Poseidon Asset Management, all previous Series A investors, and others.
MainStem, Inc has raised over $3.35 million to date and recently partnered with Kush Bottles Inc. (OTCQB: KSHB), the largest publicly traded ancillary supply company in the industry. Craig McCallum, CFO of MainStem, Inc., commented: "We are thrilled to see some of the best names in the industry recognizing the need for our integrated marketplace solution. Merida is a strategic and engaged investor, with goals that align directly with ours and we’re excited to have them on board.“
“There is great value creation in this highly scalable ancillary marketplace that Alen and team are building. We are at an ideal time for this platform as the industry's rapid growth will continue to demand greater enterprise solutions. Poseidon's participation is a testament to MainStem's progress, and we look forward to seeing our strategic capital provide accelerated market penetration,” said Poseidon's Managing Partner, Morgan Paxhia.
“MainStem, Inc. currently offers over 10k products for cannabis businesses to choose from including packaging, retail accessories, grow supplies, traceability equipment, and more. This capital investment will be used to grow our technology-driven marketplace solution and expand our platform integrations with other cannabis industry leaders, giving us the ability to scale accordingly with market growth and demand," says Alen Nguyen, Chairman, and CEO of MainStem, Inc.
Merida's Managing Partner, Mitchell Baruchowitz, commented: "MainStem is a perfect fit for Merida's mandate to invest in leading ancillary companies that have crossed the ‘fragmentation gap.' We are excited to see the integration of their technology solutions with portfolio companies like Kush and GrowGeneration which should help operators in every vertical optimize their supply chain."
About MainStem, Inc.
MainStem, a technology-based ancillary product distribution company in the regulated cannabis industry, is the leading comprehensive marketplace in the industry, with over 10,000 products for cannabis businesses to select. The company integrates its platform into popular industry software to maximize its customer reach and simplify the procurement process. To learn more, please visit https://www.gomainstem.com/
About Merida Capital Partners
Merida Capital Partners is a private equity fund targeting fundamental growth drivers which accelerate the rapid development of the cannabis industry. Our investment emphasis focuses on cultivation technologies and products and services associated with the evolution of cannabis as an agricultural product, a natural plant-based medicine, a constituent in pharmaceutical formulations, and a recreational consumer product.
About Poseidon Asset Management
Poseidon Asset Management is a General Partnership founded in 2013 by the brother and sister team of Emily and Morgan Paxhia. Poseidon has investments in over 30 cannabis businesses ranging from agricultural technology, compliance solutions, software, genetics and lab testing, industrial hemp, data analytics, real estate, and cultivation operations. Emily and Morgan are both frequent speakers at industry events.
