SAN FRANCISCO, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Treez, the leading enterprise commerce technology platform for the cannabis retail and supply chain industry, announces the expansion of its top-of-the-line point-of-sale software and digital payments platform into eight new states in 2022. This milestone exceeds expansion projections made in February 2022 of entrance into five new markets by the end of the year. The Company’s portfolio now encompasses 14 states with the addition of Massachusetts, New Jersey, Mississippi, South Dakota, Maine, Oregon, Nevada and Illinois. The eight states’ combined gross cannabis market sales estimated at nearly 4.5 billion* in 2022 demonstrate the scale of the industry and potential growth opportunities for the Company.
The Company expanded into the states of Mississippi and South Dakota with a long-time Missouri retail client, cementing their ability to serve both large multi-state operators and independent retailers alike. The Company’s further expansion into new states with current customers is a testament to the success of Treez, as they provide market-leading data and insights to help clients understand their customers and make data-driven business decisions to improve overall revenue in new markets.
“When planning our expansion strategy, there was no doubt in my mind that we would reach our target goal, but to have exceeded our projections is a testament to the growth of the industry and our exceptional team,” said John Yang, CEO of Treez. “What we’re most proud of though is that we’re growing with our clients as they expand into new states as well. Doing so while also entering new markets with brand new clients shows us that the investments we’re making in our product and company after our Series C round in April are paying off.”
The company also recently completed successful live implementations in Massachusetts with clients Green4All and HiBrid.
“Treez is of huge value to me. Between the smooth operations at the point-of-sale and the analytics that allow me to forecast my purchasing power and timing, we’re selling inventory so fast that we barely even look at sell-through rates,” said Paul Merian, co-owner of Massachusetts dispensary, Green4All.
Increased legalization across the U.S. is driving rapid retail expansion and demand for cannabis software. As the leading platform with over 40% market share in California, the largest cannabis market in the U.S., Treez's expansion efforts are meeting the demand for cannabis POS solutions that expand past compliance reporting and inventory management to offer additional features, such as payment processing, CRM, data analytics and consumer insights. Treez partners with all companies, large and small, to deliver best-of-breed solutions to retailers.
The announcement follows the Company's recent acquisition of Swifter, a payment solutions platform tailored to meet the unique needs of the cannabis industry. Through the acquisition of Swifter, Treez will be able to provide embedded partner-powered fintech solutions that will ultimately lead to more transparency, stability and better processing rates for retailers.
*Illinois Governor Touts Huge Increase In Marijuana Tax Revenue For 2022 Fiscal Year As State Approves Social Equity Retailers. Marijuana Moment. Accessed 10/25/2022.
Sales and Product Distribution. Cannabis Control Commission Commonwealth of Massachusetts. Accessed 10/25/2022.
Nearly $80 million in N.J. legal weed was sold in first 10 weeks. NJ.com. Accessed 10/25/2022.
Mississippi reaps millions in medical marijuana fees before sales begin. MJBizDaily. Accessed 10/25/2022.
Harvest, Price, & Sales Market Data. Oregon.gov. Accessed 10/25/2022.
NM sees highest month in cannabis sales, collective $10 million in tax revenue. NM Political Report. Accessed 10/25/2022.
Cannabis Tax Revenue. Nevada Department of Taxation. Accessed 10/25/2022.
Treez is the leading enterprise cloud commerce platform that streamlines retail and supply chain operations within the cannabis market. Through Treez's innovative technology and open API platform for retailers and brands, the company provides a robust breadth and depth of software and digital payments solutions, along with dedicated 24/7 customer support, required to operate a successful modern dispensary.
Solutions include point-of-sale, dispensary inventory management, omnichannel sales capabilities and multiple cashless payment options all on a mission-critical platform that ensures regulatory compliance across every supply chain transaction. The innovative technology also connects essential brands with their retailers through a centralized brand catalog with real-time market insights. The extensible open API platform provides smooth integration into a variety of best-of-breed solutions, including CRM, marketplace, cashless payments and data analytics across the partner ecosystem. Layered on top is a dedicated client success team and 24/7 customer support, giving retailers everything they need to grow their business.
For more information, visit https://www.treez.io/