Jay-Z and two venture firms have invested $19 million into the Denver-based cannabis tech company Flowhub. Flowhub received a $19 million investment from Jay-Z and the venture firms Headline and Poseidon.
The Denver-based tech company helps dispensaries by providing compliance, point of sale, inventory tracking and business intelligence solutions.
“We are thrilled to announce this capital raise,” Flowhub founder and CEO Kyle Sherman said in a press release. “Headline is an incredible Silicon Valley-based venture capital firm, Poseidon is a pioneer investor in the cannabis industry and Jay-Z is a cultural and creative global force no matter the industry he is involved in.”
Sherman added, “I couldn’t think of a better group to be working with as we take this company to the next stage. This funding not only underscores the significant value that Flowhub provides to our customers, but also the maturation of the cannabis industry at large. We remain committed to developing innovative products that help our retail customers run better businesses.”
Jay-Z’s investment in Flowhub continues his major moves in the cannabis market. Earlier this year, the Hov-backed marijuana conglomerate The Parent Company purchased a Santa Barbara-based cannabis dispensary and delivery operator in a deal for up to $65 million.
The Roc Nation boss and The Parent Company also made history this year when they hired Troy Datcher to be its CEO. The move made Datcher the first Black CEO to lead a major public cannabis business in the United States.
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