SAN FRANCISCO, Nov. 20, 2024 /PRNewswire/ — Poseidon Investment Management (“Poseidon” or the “Company”), a leading investment firm in the cannabis industry, today announced the close of a successful $6 million Series A funding round for Distru, the cannabis industry’s premier ERP platform. The latest funding round was made possible with the support of Global Founders Capital and marks a pivotal step forward for Distru as it strengthens its status as the premier system-of-record for cannabis operators.
Since its previous funding round led by Felicis with contributions from world class investors Elad Gil and Avichal Garg, Distru has seen significant growth and momentum. They are serving an increasing number of cannabis operators across 25 states and processing over $2 billion in GMV annually. The platform has become indispensable for cannabis businesses by simplifying compliance and inventory management, automating order workflows, and delivering actionable insights through advanced analytics.
“2024 has been a remarkable year for Distru, marked by efficient growth, achieving strong profitability, and significant product expansion through integrations with Metrc Connect, Dutchie, Treez, Blaze, and Leaflink. We are advancing our mission of consolidating cannabis operations under one platform, providing manufacturers, distributors, brands, and vertically integrated operators with a comprehensive toolset that enhances compliance, operational efficiency, and data-driven decision-making.” said Blaine Hatab, co-founder and CEO of Distru, adding, “We closed this strategic funding round to pull in Poseidon with their deep understanding of the cannabis tech sector to support in navigating the next decade of our growth as the most trusted ERP platform in the industry.”
The latest round of funding will be directed towards expanding Distru’s suite of products, further enhancing compliance, inventory, integration, and order management capabilities. While already profitably growing, the capital will help drive their expansion into 11 additional states, including New York with their Biotrack integration. By consolidating key operational tools into a unified ERP platform, Distru aims to become the backbone of cannabis businesses, empowering the platform to streamline operations, maintain regulatory compliance, and achieve sustainable growth in a complex and evolving market.
Poseidon Investment Management, known for its pioneering investments in the cannabis industry, has long supported technology companies that drive critical infrastructure for this industry. “Distru’s clear focus on supporting cannabis operators’ success and compliance, coupled with a robust and scalable platform, aligns with our commitment to backing transformative solutions in the sector. They have built the best in class Cannabis ERP and we see that advantage compounding over time,” said Morgan Paxhia, Poseidon Investment Management.
Distru is well-positioned to further its vision of becoming an end-to-end platform for the cannabis supply chain, driving digital transformation across cultivation, distribution, and retail. Distru’s commitment to operational excellence and industry-specific innovation makes it the ERP of choice for the cannabis industry’s most forward-thinking businesses.
About Distru
Distru is a leading seed-to-sale ERP platform for the cannabis industry, offering comprehensive solutions for managing inventory, orders, and customer relations. Trusted by hundreds of licensees across the United States, Distru.com provides best-in-class Metrc integration and exceptional customer support, revolutionizing the way cannabis operators manage their businesses.
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SOURCE Poseidon
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