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After making his debut into the cannabis industry last year with Monogram, Jay-Z’s latest venture is his new investment in Flowhub―a cannabis technology company that offers a retail point-of-sale platform for dispensaries.
According to PR Newswire, Flowhub closed a $19 million round of strategic funding led by Headline and Poseidon alongside Hov on Oct. 12. Now, the company is valued at almost $200 million, and there’s a good reason behind why.
“We are thrilled to announce this capital raise. Headline is an incredible Silicon Valley-based venture capital firm, Poseidon is a pioneer investor in the cannabis industry and Jay-Z is a cultural and creative global force no matter the industry he is involved in,” said founder and CEO of Flowhub Kyle Herman in a recent press release.
Since weed is still a federally illegal drug, financial leaders like Visa and Mastercard still don’t allow you to purchase cannabis products with their services, even though the industry generated roughly $21 billion in sales, according to BDSA.
Flowhub’s software was created to help cannabis users buy products with their debit cards, which will be classified as an ATM withdrawal―a massive step in the industry.
Since Flowhub’s debut in 2015, they’ve garnered roughly $3 billion in revenue across 1,000 dispensaries, so it goes without saying why entrepreneurs like Jay-Z are quick to invest in such innovative and forward-thinking companies.
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