SOUTH SAN FRANCISCO, Calif., Jan. 20, 2022 /PRNewswire/ — Dama Financial (“Dama”), the nation’s largest provider of access to banking and payment solutions for the cannabis industry, has entered into an agreement to acquire GrowFlow Corp. (“GrowFlow”), whose business management and compliance tools have processed more than $3.3 billion for cannabis retailers, cultivators, processors, and distributors.
Combining Dama’s fintech and payment solutions and GrowFlow’s industry-leading software platform will create the most sophisticated, comprehensive solution for cannabis companies, integrating product, operations, compliance, and financial data in a more usable and flexible solution than any current offering in the industry. The highly scalable platform will fulfill the business needs and regulatory obligations of any licensed cannabis business — dispensary or wholesale — everywhere cannabis is legal in the United States.
“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.” said Anh Hatzopoulos, Dama’s co-founder and chief executive officer. “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.”
Cannabis is currently legal in 37 U.S. states and four U.S. territories. The U.S. market is expected to reach $43 billion by 2025, according to New Frontier Data. Dama is the only solution that is available in every state where cannabis is legalized.
“I could not be more excited about this merging of minds and technologies,” said Travis Steffen, chief executive officer of GrowFlow. “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.”
The transaction is expected to close this quarter, subject to regulatory approvals and other customary closing conditions.
Greenhill & Co., LLC is acting as financial advisor and Goodwin Proctor LLP is acting as legal advisor to Dama. Cooley LLP is acting as legal advisor to GrowFlow.
About Dama Financial
Based in South San Francisco, Calif, Dama is the cannabis industry’s leading provider of access to banking and financial services, powering safe and secure depository solutions, as well as business tools such as cash management, payroll and electronic consumer payment solutions, for top licensed cannabis operators throughout the United States. The company was founded in 2017 by a team of world-class fintech and payments executives to provide high-risk industries with critical access to fundamental financial services. Dama has leveraged its experience in other unbanked categories to develop solutions, driven by its proprietary technology platform, capable of navigating a complex web of regulatory and compliance requirements. The company experienced more than 100% top-line growth in 2021. More information is available at damafinancial.com.
About GrowFlow
GrowFlow is a B2B SaaS platform dedicated to helping its customers grow their cannabis businesses. It provides compliance, inventory management, point of sale, analytics and sales tools for cannabis and hemp businesses at various points in the supply chain. Founded in late 2016, GrowFlow is run by experienced technology founders and executives with management experience from organizations such as Google, Microsoft, Expedia, TenCent, and others, and boasts over 1500 customers in seven states — including some of the largest operations in the world. More information is available at growflow.com.
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CONTACT:
Jenna Romo
jennar@damafinancial.com
SOURCE Dama Financial
Source: PRNewswire