California's Largest Licensed Cannabis Wholesale Marketplace Nabis Secures $23 Million in Series B Funding
Nabis Bolsters Online Wholesale Platform, With Eye On Market Expansion
SAN FRANCISCO, July 1, 2021-- Nabis, California's largest licensed cannabis wholesale marketplace platform, announced today the company raised $23 million in a Series B funding round. The infusion of capital will support expansion of Nabis' online wholesaling business that already distributes more than $350 million worth of cannabis products per year.
Prominent Series B investors include FJ Labs, Artemis Growth Partners, Silverleaf Venture Partners, Liquid 2 Ventures and Stanley Tang (Co-Founder, 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. "Traditional distribution is dead, and we are enabling the cannabis brands and retailers of today to transact with the most modern technology tools to best serve the exponentially-growing demand for cannabis. The cannabis wholesaling experience should be similar to best-in-class platforms like Faire that are found in more mature industries."
Nabis will use the funding to grow the Nabis Marketplace, its licensed wholesaling platform that enables the most streamlined sales and delivery experience for brands and retailers. To further accelerate its partners' success, Nabis will focus on scaling its value-added services, which include Nabis Capital and Nabis Analytics. As recreational markets legalize across the nation, Nabis will also explore out-of-state opportunities to bring the company's proven, wholesaling platform to brands and retailers in emerging markets for decades to come.
Nabis now distributes 10% of California's legal cannabis market. In the last 12 months alone, Nabis has grown over 140% in volume, and represents a portfolio of over 100 top-tier brands in the largest cannabis market in the world.
Nabis is the premier licensed wholesaling platform supporting over 100 brands and supplying the entire network of California dispensaries with top-tier products. Nabis offers clients lightning-fast fulfillment, warehousing, payment processing, financing, data analytics, and sales and marketing services to enable more brands and retailers to innovate, launch, and scale. Founded in 2017 by software engineers Vince C. Ning and Jun S. Lee, Nabis is fueled by cutting-edge technology designed to support cannabis wholesaling between brands and retailers. Nabis 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
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