Poseidon Portfolio Company, Distru, Secures $6 Million in Series A Funding to Accelerate Growth and Product Innovation in Cannabis ERP

[PRESS RELEASE] SAN FRANCISCO, Nov. 20, 2024 — Poseidon Investment Management (“Poseidon” or the “Company”), a leading investment firm in the cannabis industry, announced the close of a successful $6 million Series A funding round for Distru, the cannabis industry’s premier ERP platform. The latest funding round was made possible with the support of Global Founders Capital and marks a pivotal step forward for Distru as it strengthens its status as the premier system of record for cannabis operators.

Since its previous funding round led by Felicis with contributions from world class investors Elad Gil and Avichal Garg, Distru has seen significant growth and momentum. The ERP platform is serving an increasing number of cannabis operators across 25 states and processing over $2 billion in GMV annually. The platform has become indispensable for cannabis businesses by simplifying compliance and inventory management, automating order workflows, and delivering actionable insights through advanced analytics.

“2024 has been a remarkable year for Distru, marked by efficient growth, achieving strong profitability, and significant product expansion through integrations with Metrc Connect, Dutchie, Treez, Blaze, and Leaflink. We are advancing our mission of consolidating cannabis operations under one platform, providing manufacturers, distributors, brands, and vertically integrated operators with a comprehensive toolset that enhances compliance, operational efficiency, and data-driven decision-making,” Distru co-founder and CEO  Blaine Hatab said. “We closed this strategic funding round to pull in Poseidon  with their deep understanding of the cannabis tech sector to support in navigating the next decade of our growth as the most trusted ERP platform in the industry.”

The latest round of funding will be directed toward expanding Distru’s suite of products, further enhancing compliance, inventory, integration, and order management capabilities. While already profitably growing, the capital will help drive the company’s expansion into 11 additional states, including New York with its Biotrack integration. By consolidating key operational tools into a unified ERP platform, Distru aims to become the backbone of cannabis businesses, empowering the platform to streamline operations, maintain regulatory compliance, and achieve sustainable growth in a complex and evolving market.

Poseidon Investment Management, known for its pioneering investments in the cannabis industry, has long supported technology companies that drive critical infrastructure for this industry. “Distru’s clear focus on supporting cannabis operators’ success and compliance, coupled with a robust and scalable platform, aligns with our commitment to backing transformative solutions in the sector. They have built the best in class Cannabis ERP and we see that advantage compounding over time,” said Morgan Paxhia, Poseidon Investment Management.

Distru is well-positioned to further its vision of becoming an end-to-end platform for the cannabis supply chain, driving digital transformation across cultivation, distribution, and retail. Distru’s commitment to operational excellence and industry-specific innovation makes it the ERP of choice for the cannabis industry’s most forward-thinking businesses.