Cannabis tech platform Alleaves adds $40 million in funding

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The platform hopes to offer a seed-to-sale software and tracking solution

Cannabis enterprise resource planning (ERP) technology platform Alleaves says it has been able to finalize a $40 million Series A funding round. The Florida-based firm clarified that those funds will be used to optimize and accelerate a commercial launch it plans to conduct in several states across the country.

According to a press release, The Eleven Fund, an investment group for both public and private capital markets with a valuation of $240 million, led the funding process. Currently, Alleaves’ business is based on a complete system from seed to sale. However, the firm’s services can also be combined with existing systems to provide business analysis and reporting.

“The (cannabis) 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,” Hartley Wasko, CEO of The Eleven Fund, said in the news release. The company does not intend to stay in its current position, and this new round of funding will go a long way toward helping it meet its expansion goals.

Alleaves intends to purchase other cannabis-related technology platforms in order to expand its customer base. At the same time, the company wants to create a seamless, real-time seed-to-sale fulfillment, transaction, and software platform. The effort is a clear indicator of how many companies continue to see great potential in the marijuana industry to grow their businesses over time.