MainStem Inc. Reports Record-High Growth as Enterprise Tech Adoption Soars Across Cannabis Industry
Ryan Allway
July 8th, 2021
News
For many organizations in legalized cannabis – particularly SaaS and B2B product providers – 2021 feels like the year in which the momentum of the last several years culminated in significant growth. As legalization spreads across the country, so does interest in solutions which support the rapid growth of multi-state cannabis operators in the long term.
SEATTLE, July 8, 2021 /PRNewswire/ — MainStem, Inc., the cannabis industry’s only marketplace and combined purchasing platform, began as a cannabis-centric marketplace for products in 2014. In direct response to customer needs, the company launched Purchase Pro™, its SaaS purchasing platform, which allows cannabis operators to perform 100% of their purchasing from one cohesive dashboard. MainStem continually expands upon the platform’s capabilities to meet customer needs through development releases.
Co-founder and CEO Alen Nguyen launched MainStem because he saw a marked gap in the corporate cannabis industry. Today, Nguyen is delighted to announce the addition of 130 net new locations in Q2 alone, all of which will utilize MainStem’s Integrated Procurement across 22 states.
MainStem’s ability to support rapidly growing operators across multiple states demonstrates its value within the industry. Eighteen months ago, MainStem’s average customer was an operator with one to two locations; today, the average new customer has 26 locations across multiple states.
Nguyen explains, “The evolution of our customer base is reflective of the last 18 months in cannabis. When we founded MainStem, we saw the potential for exponential industry growth and knew operators’ need to scale would outpace back-office operations. Today, new and established operators are prioritizing differently; they visualize future growth and have the foresight to invest in infrastructure to ease scalability.”
Customer Bessie Koch, Project Manager of Redbud Roots, explains that the MainStem partnership was compelling “because of its operational capabilities and potential impact on our bottom line. Their platform fully integrates with our current tech stack and allows access to an extensive network of cannabis-related suppliers at significantly competitive rates; we aim to do all purchasing via workflows between MainStem, Sage Intacct and Backbone.”
Brian Mayfield, Co-founder and Chief Strategist of MJstack and a MainStem partner, explains, “The procurement process is tedious and expensive. Cannabis businesses want to save resources across the entire supply chain, and MainStem changes the game with their integrated SaaS purchasing platform. Users can streamline their operations at any stage of business. This partnership empowers our customers to grow their operations with ease.”
New and established cannabis businesses are integrating Purchase Pro into their strategies. MainStem’s legacy customers have already reaped the benefits of migrating to the platform, several of whom represent the largest names in cannabis.
MainStem, the leading B2B e-commerce marketplace and integrated supply purchasing platform for cannabis companies, was founded in Seattle in 2014. Dedicated to supporting cannabis companies’ growth through technology and partnerships, MainStem works in states where cannabis companies operate.
MainStem’s mission: Eliminate supply chain challenges within the cannabis industry. www.mainstem.io.
Press Contact: Kate Ryan, kate@kateryanpr.com, 774-929-5223
SOURCE MainStem Inc.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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