|Green Bits||SAN JOSE, CA|
“Dude sells his software company to GoDaddy for roughly $17 million and then starts a weed processing company.”
That’s the CEO of Green Bits, Ben Curren’s story in a nugshell.
To be clear, Green Bits never touches marijuana. Instead they make the software that helps manage, run, and accept payments for legal weed sellers.
See, a major problem for dispensaries is that banks and payment processors won’t work with them. This means many have to resort to cash only, which raises all kinds of headaches.
Layer on the pain of live-updating state governments with their weed inventory to provide real-time traceability for compliance, and we’re approaching serious migraine territory for legal distributors.
Green Bits wants to be the Square for dispensaries, helping green businesses accept all forms of payment, run the point-of-sale systems, and handle all the legal compliance requirements.
- Andreessen Horowitz
- Y Combinator
- The Winklevoss Twins (Tyler and Cameron)
- Google Ventures
- Founders Fund
- … and many more.
For a relatively unknown company, Flexport is riding one monster of a VC money wave. Check out the progression of their funding rounds:
Working in the marijuana industry (this is a pro for some people) — but on the business side, not as a budtender serving customers in the store.
Green Bits is a full-fledged tech startup operating in a newly-minted market that’s expected to grow from $9.2B in 2017 to $47.3B by 2027. And that’s just in North America.
Plus, between 4pm and 5pm everyone at the company kind of… ummmm… chills out. (Kidding)
The marijuana industry still has a strong negative connotation for a large portion of the population which might make Thanksgiving dinners a little awkward.
And, while Green Bits isn’t exactly a super tiny startup in a garage, it’s also not a well-establish corporation just yet, which means there’s a level of risk involved… But maybe we’re just being paranoid.
But maybe we’re just being paranoid.
Who’s it for:
Green Bits is great for a person who sees the potential and is looking to break into the weed industry, but on the tech and business side, rather than responding to the ‘Now Hiring’ sign at the closest dispensary.
Elevator pitch to your uncle:
“Hey Uncle Cheech! I work at Green Bits now. They make software that runs weed shops, and keeps them compliant with the complicated state regulations. Our software handles the payments, tracks the inventory, and syncs up with the government systems. Thank me next time you hang out with your buddy Tommy.”
And to your non-pothead uncle:
“Hey Uncle Richard! I work at Green Bits now. They make software that runs legal weed shops, and keeps them compliant with the complicated state regulations. Our software handles the payments, tracks the inventory, and syncs up with the government systems, so that everything people are smoking is safe and regulated, like it should be.”
Get the 5-minute roundup you’ll actually read in your inbox
Business and tech news in 5 minutes or less