Tech Crunch recently quoted Poseidon regarding raising money for start ups in the cannabis industry.
“The average seed round in the nascent cannabis industry in the U.S. hovers around $1 million, according to hemp and cannabis-focused investment research by Poseidon Asset Management,” they write. “But Denver-based Baker Technologies Inc. has raised $1.6 million in seed funding for software that helps marijuana dispensaries win new customers, eliminate long lines in stores, and retain and reward their best customers for loyalty.”
For those unfamiliar, some of the most popular dispensaries often have long lines as a result of their superior selection of products, ranging from flowers to edibles, to concentrates like waxes and vape products.
Baker provides the technology to not only order ahead, but also for the dispensaries to provide customer relationship management and a loyalty rewards system.
“With dispensaries, like any other retail business, it’s all about customer count,” Poseidon Managing Director, Morgan Paxhia is quoted as saying. “Baker helps them serve a greater number of customers or patients each day, increase revenue per client visit, and develop a strong relationship with customers to increase recurring revenue.”
Baker is now operating in Washington, Oregon, Colorado and Ontario. They are soon expected to begin operations in California, Massachusetts, Arizona and Nevada.
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