Cannabis banking provider Dama Financial has entered into an agreement to acquire GrowFlow Corp. for an undisclosed amount. GrowFlow is a business management and compliance company that has processed more than $3.3 billion for cannabis retailers, cultivators, processors, and distributors. The deal is said to be planned to close this quarter.
“With this acquisition, we are creating the leading platform for cannabis operators, essentially a one-stop-shop for the business tools they need to thrive,” said Anh Hatzopoulos, Dama’s co-founder and chief executive officer. “We created Dama to solve real problems for the industry through innovation, and integrating GrowFlow’s software into our fintech is a huge step forward in that mission. To be successful in the long term, cannabis operators need legal, compliant, forward-looking solutions like Dama’s that don’t skirt restrictions through workarounds, and this sets us up to keep innovating to champion our customers and propel a booming market.”
GrowFlow was founded in 2016 and is a B2B SaaS platform that is dedicated to helping its customers grow their cannabis businesses. It provides compliance, inventory management, point of sale, analytics and sales tools for cannabis and hemp businesses at various points in the supply chain.
The company said in a statement that by combining Dama’s fintech and payment solutions and GrowFlow’s industry-leading software platform the two will create a comprehensive solution for cannabis companies, integrating product, operations, compliance, and financial data in a more usable and flexible solution than any current offering in the industry.
“I could not be more excited about this merging of minds and technologies,” said Travis Steffen, chief executive officer of GrowFlow. “Our leadership teams have nearly identical views of the industry and how it is evolving. Bringing our solutions together will allow us to serve customers in many unique ways and compete on much more than price.”