Today’s milestone is evidence of the important role we play in the rapid growth of this industry. We are honored to serve the leading cannabis retailers in the U.S. – Ben Curren, CEO, Green Bits
San Jose, CA (PRWEB)
August 09, 2017
Green Bits, Inc., the leading retail management platform for the legal cannabis industry, announced today that the company has passed $1.5 billion in annual sales processed through its point-of-sale (POS) system. The company also announced that it completed a $2.2 million growth financing with participation from Casa Verde Capital and several prominent Silicon Valley entrepreneurs. Green Bits will use the proceeds to accelerate sales, customer support and product development as the company expands into new geographic markets, including California, Maryland and Nevada.
Green Bits provides a retail platform built to address the unique needs of cannabis retailers. Green Bits ensures compliant retail operations with real-time, automated updates to state traceability systems and built in controls that adhere to local laws. In addition, the company’s platform helps business owners grow revenue and streamline store operations with patient and customer loyalty programs, the widest array of menu offerings, and sophisticated receiving and inventory tools.
According to Arcview Market Research, the North American market for legal cannabis sales was $6.7 billion in 2016, up 30% from the prior year. The market is expected to surpass $20 billion annually by 2021. Green Bits’ $1.5 billion in annual sales volume is more than 300% the volume processed one year ago.
“Green Bits set out to address the unique compliance needs of legal cannabis retailers in 2014. Since then, Green Bits has evolved to help retail owners stay compliant, grow revenue and streamline store operations with a comprehensive platform,” said Ben Curren, co-founder and Chief Executive Officer of Green Bits. “Today’s milestone is evidence of the important role we play in the rapid growth of this industry. We are honored to serve the leading cannabis retailers in the U.S.,” added Curren.
“Green Bits has quickly established itself as the leading retail solution for…