Nabis, the leading California cannabis distributor, has raised $23 million in Series-B funding.
The company announced this week that it had raised $23 million in a Series B funding round and that the infusion of capital will support expansion of the its’ online wholesaling business.
This business distributes more than $350 million worth of cannabis products per year.
Prominent Series B investors were: FJ Labs, Artemis Growth Partners, Silverleaf Venture Partners, Liquid 2 Ventures and Stanley Tang, the co-founder of DoorDash.
Investors in the company’s $5 million Series A raise, which closed less than a year ago, include Y Combinator and Babel Ventures.
“Nabis is the only end-to-end cannabis wholesale marketplace platform that features lightning-fast fulfillment combined with financial and data analytics services that revolutionize cannabis brand and retail expansion. The rapidly legalizing cannabis market will be one of the first entirely new regulated supply chains to be built after the invention of the internet,” said Vince C. Ning, CEO and Co-Founder of Nabis.
The company will use the new funding to grow the Nabis Marketplace, its licensed wholesaling platform that enables the most streamlined sales and delivery experience for brands and retailers.
Nabis distributes 10% of California’s legal cannabis market. In the last 12 months the company has grown over 140% in volume. The company works directly with its partners to streamline the regulated cannabis wholesaling process by leveraging actionable, industry-leading sales data and insights to help brands and retailers scale strategically. Learn more: Nabis.com
