Growthsayer, a digital platform that optimizes cannabis supply chain using artificial intelligence, last week raised a staggering $800K from Accord as well as angel investors. The funds will be used to grow the supply chain platform and allow it to support clients serving both domestic and international markets.
Growthsayer’s cutting edge technology makes inventory and sales predictions using artificial intelligence. This reduces the amount of time that cannabis dispensaries spend trying to figure out purchase orders and other inventory issues. The technology also offers insights that can help canna-businesses streamline their workflows and maximize profitability.
At the moment most industries are beset with serious supply chain issues stemming from the COVID-19 pandemic which attempted to grind all economic activities to a halt. And even without the pandemic, the cannabis supply chain can still be complicated due to the stringent regulatory environment. Growthsayer hopes to help cannabis businesses navigate the supply chain seamlessly and achieve profitability in the shortest time possible.
The CEO of Growthsayer, Phillip Geltman, acknowledged the tremendous support from the Accord team through this financing effort. According to Getman, cannabis businesses lose about 25% in revenue yearly due to poor supply chain management. Such inefficiencies, he reports, can very easily bankrupt a company. Geltman has a career spanning 12 years as a supply chain manager in various reputable companies such as M&M Mars, Gymboree, Gap, and Old Navy. It will be interesting to watch how Growthsayer evolves over time and the impact that they will make in the cannabis space. Watch this space for an interview with Phillip Getman on the next phase of Growthsayer.