Cannabis industry banking and payment solutions firm Dama Financial has acquired B2B SaaS platform GrowFlow Corp., which is dedicated to helping clients grow their cannabis businesses.
“With this acquisition we are creating the leading platform for cannabis operators, essentially a one-stop-shop for the business tools they need to thrive,” Dama Financial Co-Founder and CEO Anh Hatzopoulos said. “We created Dama to solve real problems for the industry through innovation, and integrating GrowFlow’s software into our fintech is a huge step forward in that mission. To be successful in the long term, cannabis operators need legal, compliant, forward-looking solutions like Dama’s that don’t skirt restrictions through workarounds and this sets us up to keep innovating to champion our customers and propel a booming market.”
The transaction is slated to close this quarter and is subject to regulatory approvals and other customary closing conditions.
“I could not be more excited about this merging of minds and technologies,” GrowFlow Corp. CEO Travis Steffen said. “Our leadership teams have nearly identical views of the industry and how it is evolving. Bringing our solutions together will allow us to serve customers in many unique ways and compete on much more than price.”
Cannabis is presently legal in 37 states and four domestic territories. The market is expected to reach $43 billion by 2025, per New Frontier Data.