A San Francisco-based company confirmed Thursday it has signed an agreement to buy 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 with GrowFlow's industry-leading software platform will create a sophisticated, comprehensive solution for cannabis companies, integrating product, operations, compliance and financial data. The highly scalable platform will fulfill the business needs of any licensed cannabis business — dispensary or wholesale — everywhere cannabis is legal in the United States.
With this acquisition, we are creating a leading platform for cannabis operators, a one-stop shop for the business tools they need to thrive. Anh Hatzopoulos was the co-founder and CEO of Dama. We created Dama to solve real problems for the industry through innovation, and integrating GrowFlow's software into our fintech is a big step forward in that mission. In order to be successful in the long term, cannabis operators need legal, compliant, forward-looking solutions like Dama that don't skirt restrictions, and this sets us up to keep innovating to champion our customers and propel a booming market. The transaction is expected to close this quarter, subject to regulatory approvals and other customary closing conditions.
Greenhill Co. LLC is acting as a financial advisor and Goodwin Proctor LLP as a legal advisor to Dama. Travis Steffen, CEO of GrowFlow, said that he was very excited about this merging of minds and technologies. Our leadership team has the same views of the industry and how it is evolving. We will be able to serve customers in many different ways and compete on more than price when bringing our solutions together.