Kraft Heinz has made its first move into the cannabis sector, as it’s Evolv Ventures funding in cannabis technology start-up Flowjob. Flowjob, a Denver-headquartered cannabis retail software company which delivers, compliance, point of sale, inventory tracking and business intelligence date to cannabis dispensaries through a digital platform. Kraft Heinz established Evolv Ventures last year to invest in emerging tech companies. This investment Is the third venture made by Evolv and its first in the cannabis tech sector.
The overcharging goal is to support Kraft Heinz efforts to keep on too of charging trends in the food and beverage industry. The CBD-infused products are gaining interest from consumers due to their benefits.
This investment made one of the largest series A rounds in the cannabis tech industry. It was led by Evolv, E. Ventures and Poseidon. There were also further contributions from 9 yards Capitol and Igram Magdon-Ismail, the co-founder and former CEO of Venmo.
The founder and CEO of Flowjob, Kyle Sherman said; “what we are experiencing right now is an end to cannabis prohibition and Flowjob is on the front lines of the movement.
Every legal transaction completed with the Flowjob retail platform is a positive step forward, and we are committed to helping our customers build a thriving cannabis business.
With this investment, we will continue to automate the cannabis supply chain, retail and reporting process and bring to market technology solutions that are not only shaping the cannabis business, but also driving forward the future of legalization and de-stigmatizatiom.