John SchroyerMay 1, 2023
The deal scuttled a previous bid by POSaBIT announced earlier this year.
Alleaves Archives - Green Market Report
John SchroyerMay 1, 2023
Adam JacksonFebruary 13, 2023
The Feb. 10 deal confirms earlier reporting about a potential play for Forian.
StaffJuly 20, 2022
The Daily Hit is a recap of the top cannabis business stories for July 20, 2022.
ON THE SITE
Cannabis Tech Firm Alleaves Looks To Expand, Raises $40 Million
Seed-to-sale technology firm Alleaves said it raised $40 million in a Series A funding round to expedite a multi-state commercial rollout, led by investment group The Eleven Fund at a valuation of $240 million. The financing deal comes during a time when a lack of cash is forcing cannabis companies to find new and creative ways to raise capital. Read more here.
Dutchie Jumps Into Fintech With Dutchie Pay
Cannabis platform tech company Dutchie is jumping into the world of fintech with the launch of Dutchie Pay, a fully-integrated digital payment solution. Cannabis companies have faced huge challenges on the payment side of the business since the major banks and credit card companies refuse to work with cannabis. The product remains federally illegal and that is enough for these financial institutions to just say no. Read more here.
Pink Market Capital Gives Trulieve a Rich Target Price
Freelance cannabis research firm Pink Market Capital Research published Trulieve Cannabis Corp. – A Titan in the Making, which examined how Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) has managed to rake in more revenue during the past year than its competitors and is increasingly penetrating key emerging states despite falling margins in the U.S. cannabis sector. Read more here.
IN OTHER NEWS
Avicanna Inc., Ei.Ventures, Inc.
Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, announced that the company has entered into an intellectual property licensing & royalty agreement with Ei.Ventures, Inc. to develop and commercialize functional fungi-based products. Read more here.
Heritage Cannabis Holdings Corp.
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) announced the launch of Heritage Helps, a new program embraced by management, employees and stakeholders that will be introduced throughout 2022. Heritage Helps is a multi-faceted program that combines initiatives that support the environment and communities in which it operates. Read more here.
Cova Software
Cova Software, a leading cannabis Point of Sale (POS) software company powering over 2,000 dispensaries across North America, announced the company will now support secure and convenient digital payment options, starting with debit card processing, for its U.S. dispensary customers through Cova Pay. Read more here.
Adam JacksonJuly 20, 2022
Seed-to-sale technology firm Alleaves said it raised $40 million in a Series A funding round to expedite a multi-state commercial rollout, led by investment group The Eleven Fund at a valuation of $240 million.
The financing deal comes during a time when a lack of cash is forcing cannabis companies to find new and creative ways to raise capital. The deal is Eleven Fund’s second investment, as it raised $125 million last December for Pear Therapeutics – a software-based digital therapeutics platform designed to treat disease and enhance the efficacy of pharmaceuticals.
“I have watched the cannabis industry evolve from the backwoods of society to a major US industry, said The Eleven Fund CEO Hartley Wasko, “yet the industry remains handicapped by a number of structural and regulatory factors, in addition to the challenges of what has largely been home-brewed cottage industry technology.”
While the past few years have served well enough for companies looking for an injection of investment, rising interest rates and the sobering lul of U.S. federal legalization has crimped industry optimism of companies interacting with banks and credit card companies anytime soon. Companies in other sectors of the industry such as Leaflink and Bepoke Financial have ventured to remedy this issue by expanding their fintech capabilities and implementing direct payment services.
“We are thrilled to secure this strategic capital financing to accelerate our best-in-class seed-to-sale platform,” said Alleaves CEO Michael Beedles. “Although we have been profitable since inception, this injection of capital from The Eleven Fund will accelerate our bold growth plans and expand our technology platform and commercial deployment.”
Data provided by Viridian illustrates this cash crunch, as capital raising has significantly dipped across sectors including cultivation, retail and real estate.
With the completion of the deal, Alleaves will advance a multi-state commercial rollout with other industry MSOs. In addition, the company will look to acquire and absorb complementary cannabis technology platforms to both expand its customer base and create a seed-to-sale software, transaction and compliance platform.
“As a technology investor, I have been waiting for a true enterprise class technology company to come along and usher the cannabis industry into the realm of the modern technology era,” said Wasko. “I believe that company (Alleaves) has finally arrived and is on the cusp of a major transformative growth opportunity.”
Get the latest cannabis news delivered right to your inbox
Unpack the industry with the daily cannabis newsletter for business leaders.