Jane Technologies Archives - Green Market Report

StaffStaffAugust 16, 2019
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5min12220

Socrates Rosenfeld is the Co-Founder and CEO of Jane Technologies. After leaving active duty in 2011 as a U.S. Army veteran and Apache helicopter commander, Socrates turned to cannabis to re-acclimate to civilian life. Because cannabis wasn’t legal at the time in Massachusetts where he lived, he was forced to rely on the black market, where he couldn’t be sure about the quality of the cannabis he was buying. The frustration of that experience, coupled with the lack of access to cannabis for his fellow vets, led Socrates to co-found Jane Technologies with his brother Abraham.

Jane launched in 2017 to provide an e-commerce solution for legal cannabis retailers. A big part of the platform is that customers can conveniently research and purchase cannabis products online. Currently, the company partners with over 750 dispensaries in 22 states. 

Prior to starting Jane, Socrates was an associate at McKinsey & Company. He graduated from the United States Military Academy and earned an MBA in entrepreneurship from MIT.

 

Green Market Report Executive Spotlight

 

Background: Socrates Rosenfeld is the Co-Founder and CEO of Jane Technologies. After leaving active duty in 2011 as a U.S. Army veteran and Apache helicopter commander, Socrates turned to cannabis to re-acclimate to civilian life. Because cannabis wasn’t legal at the time in Massachusetts where he lived, he was forced to rely on the black market, where he couldn’t be sure about the quality of the cannabis he was buying. The frustration of that experience, coupled with the lack of access to cannabis for his fellow vets, led Socrates to co-found Jane Technologies with his brother Abraham.

 

Jane launched in 2017 to provide an e-commerce solution for legal cannabis retailers. A big part of the platform is that customers can conveniently research and purchase cannabis products online. Currently, the company partners with over 750 dispensaries in 22 states.

 

Prior to starting Jane, Socrates was an associate at McKinsey & Company. He graduated from the United States Military Academy and earned an MBA in entrepreneurship from MIT.

 

GMR Executive Spotlight Q&A:

Company: Jane Technologies

Years at current company: I founded Jane Technologies in 2015

Education profile: MBA @ MIT Sloan School of Management, B.S. in Leadership & Management Studies @ United States Military Academy at West Point 

 

Most successful professional accomplishment before cannabis: I graduated with my MBA in entrepreneurship from MIT Sloan School of Management as a Tillman Scholar after serving as an Apache helicopter commander in the U.S. Army.

Company Mission: Our mission is to bring safe and accountable access to cannabis products for all different types of consumers across the country. We provide a shopping experience that makes shopping for cannabis as simple and as straightforward as shopping for anything else in this world. 

Company’s most successful achievement: We’ve grown to be in partnership with more than 750 stores across 22 states. We have the world’s largest real-time inventory product catalog with more than 160,000 products. 

Has the company raised any capital (yes or no): Yes.

If so, how much?: $6M Series A, $21M Series B. 

Any plans on raising capital in the future? Yes. We’re always looking to advance our platform, improve our data offerings and enter new markets.

Most important company 5 year goal: To build an eCommerce product that is best-in-class. To provide safe and simple access to this plant for cannabis consumers across the world. To enable small businesses to serve their local communities with efficient retail operations. To grow a world-class team that is committed to building what the future of retail will look like.


William SumnerWilliam SumnerJuly 16, 2019
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4min7330

It’s time for your Daily Hit of cannabis financial news for July 16, 2019.

On the Site

TILT

Multi-faceted cannabis company TILT Holdings Inc.  (CSE: TILT) (OTCQB: SVVTF) said that it has signed a binding term sheet for a private placement of $125 million from a syndicate of institutional investors led by UCP, a Toronto-based investment firm specializing in cannabis and alternative assets. The company said that the money will be in the form of convertible senior secured notes that will provide aggregate gross proceeds of $50 million and could go up to $125 million. The deal is expected to close in August.

Jane Technologies

With one of the largest cannabis technology fundraises completed to date,  Jane Technologies, Inc., a retail software company that created the first and largest online cannabis marketplace, has announced it has secured $21 million in Series B funding. The I “Heart” Jane team is the company behind the first cannabis e-commerce marketplace expands to keep up with global demand for retail cannabis products sold online. This latest round of funding, led by new and returning investors, will allow Jane to expand its online marketplace to international vendors, bolster its data analytics platform, and deliver data to other industries.

In Other News

The Arcview Group

The cannabis industry investor network, The Arcview Group, announced that it has closed a $7.7 million Series A financing round. Leading the fundraise was Trivergance Investments in partnership with Cresco Capital Partners. In connection with the financing,  Washburn Ampology co-CEOs, Jerry Stone and Jonathan, and Codie Sanchez, Cresco Capital Managing Director, will join Arcview’s board. “We have been a proud partner of Arcview from many years, as several of our portfolio companies have successfully raised capital through their platforms,” said Sanchez. “We see a real need for the new asset management offerings in development at Arcview to fuel great ideas and passionate entrepreneurs. We are thrilled to help continue to ensure cannabis startups receive the funding they need to flourish.”

Canopy Rivers

Today Canopy Rivers Inc. (TSXV: RIV) (OTC: CNPOF) reported the fourth quarter and year-end financial results for the 2019 fiscal year. Operating income was C$6.08 million, down from C$19.5 million in the same period of the previous year. However, year-over-year operating losses declined from C$17.15 million in Q4 2018 to C$1.43 million in Q4 2019. Operating income for the year fell from C$50.21 million in 2018 to C$38.47 million in 2019. The company experienced a total comprehensive loss of $30.35 million for the year. “This past fiscal year represented a period of significant capacity build-out and operational investment at our portfolio companies. We are excited to see our partners complete their build-out activities over the next few quarters, allowing their underlying businesses to scale and accelerate their individual paths towards the generation of meaningful EBITDA across the Company’s ecosystem,” commented Canopy Rivers CFO, Eddie Lucarelli.


AxisWireAxisWireJuly 16, 2019
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5min5790

Company behind the first cannabis e-commerce marketplace expands to keep up with global demand for retail cannabis products sold online

Santa Cruz, Calif., July 16, 2019 /AxisWire/ Jane Technologies, Inc., a retail software company that created the first and largest online cannabis marketplace, has announced it has secured $21 million in Series B funding, one of the largest capital raises by a cannabis technology platform.

This latest round of funding, led by new and returning investors, will allow Jane to expand its online marketplace to international vendors, bolster its data analytics platform, and deliver data to other industries. The funds will also enable Jane to continue to advance its e-commerce platform of more than 150,000 products with real-time integration into point-of-sale systems.

Jane’s mission is to bring confidence to the cannabis shopping experience while connecting customers to local dispensaries with quality wellness products from their area. In October 2018 Jane announced $6 million in Series A funding, which enabled the tech company to grow its technological advances and data analytics while providing consumers an optimized shopping experience. The company is currently in partnership with more than 700 stores across 21 states.

“In a world dominated by major multi-national online retailers, we’re bringing together innovative technology to support local businesses, and connecting customers to wellness benefits in their region,” said Founder and Chief Executive Officer, Socrates Rosenfeld. “Expanding to global markets is key for Jane as we continue to pioneer the industry and grow an industry-leading team. By helping cannabis companies in the U.S. and overseas, we are localizing the online sales process by bringing together dispensaries, brands and consumers through automation.”

As the cannabis industry continues to rapidly expand, Jane’s internal data has demonstrated people spend double on online purchases than in-person. Today people who purchase CBD spend 50% more than those who do not. Research also shows the online cannabis shopper will spend an average of $206 a month compared to the offline shopper who spends only $122 a month.

“We’ve seen Jane effectively support some of the largest retailclients in the country and are pleased to partner with the software innovator so they can grow exponentially,” said lead investor Nick Deans of Pakala Jane Partners. “The online retail marketplace allows Jane to promote local businesses and increase sales with larger shopping cart purchases while keeping transaction costs down.”

Ian Dominguez of Delta Emerald Ventures sees significant value creation opportunity in Jane’s consumer-centric data. “Jane’s purpose-built platform will continue to drive operational improvement for the cannabis industry. In addition, the Jane platform translates across many industries, making Jane as a whole, the future of omnichannel data.”

“Within the rapidly evolving cannabis space, Jane’s insights as the largest facilitator of e-commerce in the industry are invaluable to its partners, particularly for brands seeking to establish and position themselves within an increasingly crowded marketplace,” said Jason Adler, Managing Partner of Gotham Green Partners. “This investment provides resources for building additional infrastructure and proprietary interfaces to help cannabis businesses worldwide to maximize their potential.”

About Jane Technologies, Inc.

Jane Technologies, Inc. is a retail technology company that created iheartjane.com — the cannabis industry’s largest online marketplace, providing consumers with a confident, safe and simple shopping experience. Users can browse local products in real-time, compare by price, proximity or popularity and place orders at local stores for free. Jane partners with dispensaries on a win-win basis; stores only pay for completed orders at a fraction of the price of other industry software. For more information, please visit us at www.iheartjane.com.


StaffStaffJuly 16, 2019
JaneTech-logo.png

4min30970

With one of the largest cannabis technology fundraises completed to date,  Jane Technologies, Inc., a retail software company that created the first and largest online cannabis marketplace, has announced it has secured $21 million in Series B funding.

The I “Heart” Jane team is the company behind the first cannabis e-commerce marketplace expands to keep up with global demand for retail cannabis products sold online.

This latest round of funding, led by new and returning investors, will allow Jane to expand its online marketplace to international vendors, bolster its data analytics platform, and deliver data to other industries. The funds will also enable Jane to continue to advance its e-commerce platform of more than 150,000 products with real-time integration into point-of-sale systems.

In October 2018 Jane announced $6 million in Series A funding, which enabled the tech company to grow its technological advances and data analytics while providing consumers an optimized shopping experience. The company is currently in partnership with more than 700 stores across 21 states. 

As the cannabis industry continues to rapidly expand, Jane’s internal data has demonstrated people spend double on online purchases than in-person. Today people who purchase CBD spend 50% more than those who do not. Research also shows the online cannabis shopper will spend an average of $206 a month compared to the offline shopper who spends only $122 a month. 

“We’ve seen Jane effectively support some of the largest retail clients in the country and are pleased to partner with the software innovator so they can grow exponentially,” said lead investor Nick Deans of Pakala Jane Partners. “The online retail marketplace allows Jane to promote local businesses and increase sales with larger shopping cart purchases while keeping transaction costs down.”

Ian Dominguez of Delta Emerald Ventures sees significant value creation opportunity in Jane’s consumer-centric data. “Jane’s purpose-built platform will continue to drive operational improvement for the cannabis industry. In addition, the Jane platform translates across many industries, making Jane as a whole, the future of omnichannel data.”

“Within the rapidly evolving cannabis space, Jane’s insights as the largest facilitator of e-commerce in the industry are invaluable to its partners, particularly for brands seeking to establish and position themselves within an increasingly crowded marketplace,” said Jason Adler, Managing Partner of Gotham Green Partners. “This investment provides resources for building additional infrastructure and proprietary interfaces to help cannabis businesses worldwide to maximize their potential.”  

Jane Technologies Founder & CEO, as well as U.S. veteran, Socrates Rosenfeld stated that “in a world dominated by major multi-national online retailers, we’re bringing together innovative technology to support local businesses, and connecting customers to wellness benefits in their region.”  He also explained that “expanding to global markets is key for Jane as we continue to pioneer the industry and grow an industry-leading team. By helping cannabis companies in the U.S. and overseas, we are localizing the online sales process by bringing together dispensaries, brands and consumers through automation.”



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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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