BLAZE, an enterprise resource of legal cannabis vendors, has closed on its Series A funding round for $8 million. Delta Emerald Ventures led the round, which included a past investor, Act One Ventures, and new investor, SOJE Capital. The company has raised a total of $9.5 million since 2019.
“We’re thrilled to have such a great group of investors to help grow our platform and company to the next level,” said Chris Violas, co-founder and chief executive officer of BLAZE, in a release. “Cannabis technology has reached an exciting tipping point and BLAZE is poised to tackle all aspects of the supply chain.”
BLAZE provides resources for resource planning, point of sale, delivery and marketing. The company is touted as a cost-efficient resource for dispensaries to enter into the cannabis market with integrations into industry leaders that can be utilized to manage a scaling business. According to its website, integration partnerships include Weedmaps, dutchie, OnFleet, Leafly and Tookan.
BLAZE also offers BLAZEPAY, a point of banking debit processing tool. BLAZEPAY provides its merchants with a safe payment platform, including hardware payment terminals that connect with their point of sale systems and offer nightly batching that is sent directly to the merchants’ bank accounts.
Since cannabis remains illegal at the federal level, most banks do not service credit card transactions for cannabis. While most banks allow for debit card transactions, many dispensaries fear a bank or credit union could decide to comply with these same federal standards without proper notice, leading to many “cash-only” dispensaries.
The government has been working on amending these issues with the Secure and Fair Enforcement (SAFE) Banking Act, which was introduced and passed in the House of Representatives in 2019 under H.R. 1595. It was recently reintroduced to the House under H.R. 2068 with sponsor Rep. Nydia M. Velazquez, D-N.Y. Plans for the bill have not been updated since introduction in March.
BLAZE has experienced rapid growth from the introduction of this payment technology, facilitating over $1 billion in annualized gross merchandise value, according to its release. It intends to use the recent raise to continue scaling products like BLAZEPAY and expand into new markets.
“BLAZE is emerging as one of the top requested and touted tech integrations in the cannabis ecosystem,” said Ian Dominguez, a portfolio manager at Delta Emerald. “Cannabis software consolidation and rationalization trends are well underway, and we strongly believe the BLAZE team will emerge as one of the winners. The depth, sophistication and ease of integration with BLAZE’s API positions BLAZE as a critical software partner and a superior offering compared to its competitors.”
Click here for more articles from Grace Sharkey.
Related Articles:
Dutchie raises $200M for cannabis fulfillment, acquires LeafLogix and Greenbits
Blockchain could soon protect drivers hauling hemp
Cannabis market a huge opportunity for transportation and logistics industry
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now