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MainStem has raised $5M in a Series C funding round led by Merida Capital Holdings. MainStem offers an integrated cannabis procurement SaaS solution that integrates into their existing applications and extends visibility, control over procurement.
MainStem, a SaaS technology that streamlines procurement for businesses in the Cannabis Industry, has raised $5 million in a Series C funding round, taking its total amount raised to about $11 million, most of which is from Merida Capital Holdings, a press release from MainStem said.
MainStem, founded in 2014, provides a proprietary integrated cannabis procurement SaaS solution, Purchase Pro. It integrates into their existing applications and extends visibility and control over their procurement needs across the industry. Allen Nguyen, CEO of MainStem, stated that it is an important milestone for the company and reflected the testament of his team and where the industry heads.
“Today’s cannabis companies need to utilize robust tracking solutions to maintain inventory levels and serve customers in real-time. Our first-to-market SaaS technology provides that support and helps to bring our industry forward as it rapidly expands, offering merchandising convenience for our customers, wherever they are,”Allen Nguyen
MainStem’s Series B funding came in 2018, where it netted $2.2 million from Merida. Using the Series C funding proceeds, MainStem said it would better serve its customers spanning over 1000 vertically integrated operators in 26 US states.
Thomas Harrison, senior operating partner at Merida Capital Holdings, stated that MainStem had succeeded across boundaries in the cannabis industry and added,
“The persistence, imagination, and forward-focused effort that MAINSTEM brings to the cannabis ecosystem keeps our interest piqued. I’m personally fascinated to see where MAINSTEM will lead its industry sector — and see no limits to its potential.”Thomas Harrison