Apottechcompanycalled Wurk has actually raised $1 million in seed financing tohelp marijuana companies such as growers or dispensaries adhere to all the various guidelines entering into play around theburgeoning legal marijuana market.
The seed offer closed previously numerous tallies problems were voted on today in the United States, which couldmake the sale and usage of cannabis legal for grownups ina broad variety of brand-new markets.
Wurk CEO Keegan Peterson saidhiscompanys software-as-a-servicehelps marijuana companies do whatever from background checks of prospective brand-new hires, to handling employeesschedules, advantages and training, in addition to making certain they make money on time.
WhenHR tech, consisting of platforms to handle workers, are plentiful, why did the marijuana market have to, er, roll its own?
For one, banking in this market is practically difficult, the CEO stated.
Cannabis is still considered a Schedule I controlledsubstance at the federal level, so big banks aren’t allowed to fund (most) marijuana business.
Peterson likewise stated, Where it is legal for leisure or medical usage, theres a cannabis department inevery state, a governing body that develops the guidelines organisations need to adhere to So along with all the routine Department of Labor guidelines, and so on and so on, marijuana services need to do an entire various layer of reporting.
Wurk has actually established relationships with regional state banks or cooperative credit union that are allowed to fund marijuana business, and established a network of these monetary services companies to assist marijuana business deal with all their payroll problems as they grow.
Investors in Wurks seed roundinclude members of an investing company called the Arcview Group , which is consisted of numerous high-net-worth people evaluatingdeals in the emerging legal marijuana industry.Other backers consist of CanopyBoulder , and Poseidon Asset Management.
Arcview Group CEOTroy Daytonsaid, If Wurk can get the growing variety of dispensaries and growing centers to disconnect whatever they were hobbling together before to run their services, all you need to do is take a look at the market development curve and theorize. They will have the ability to develop an organisation that is long-lasting sustainable and provides fantastic returns.
Dayton likewise stated very few business are constructing tech to assist marijuana companieshandle operations. Many have actually concentrated on growing of marijuana, or sales, marketing and front-end issues rather.
Petersonsaid his Denver-based startupwill utilize its seed financing mostly for sales and marketing of its software-as-a-service. He likewise wantsto take part in the nationwide conversation about marijuana, linking withregulators who might wish to think about legislating or broadening legal usage of cannabis in their states, and even at the federal level, he stated.
Prior to closing its seed round, Wurk finished from Canopy, the marijuana markets specialized accelerator in Boulder, Colorado.