Estimates for the size of the cannabis industry have been as high as 66.3 Billion by 2025. Like many other fast growth industries the Cannabis industry has benefited from the press around where the industry will go.
Being such a hypergrowth industry technology solutions haven’t kept up with the technology demands of the industry. The slow pace of development of cannabis specific technology solutions has allowed companies to create technology solutions that can serve the fast growing market. The opportunities for companies to build cannabis specific solutions that will become the core technologies we’ll see tomorrow is massive since there aren’t any household names that have been created.
A company we are highlighting in this article is one that has the chance to become a household name in the Cannabis industry based on the technology solution they have created. Vault Innovation’s partner company LeafTrade recently raised a 4.5 million dollar round to help streamline ordering between cannabis dispensaries and vendors. Before LeafTrades solution existed the industry relied on paper orders, emails and texts to place orders with a high level of inaccuracies.
Vault Innovation met the LeafTrade founders when they only had an initial MVP. The partnership kicked off with a discovery phase to identify exactly what vendors and dispensaries needed along with taking user feedback into consideration when building the product.
After the discovery phase LeafTrade and Vault Innovation partnered to work together on the software development and product roadmap and create a go to market solution. Vault Innovation brought in our software engineers, designers and product strategy team to help the LeafTrade team release product updates on a consistent basis using agile methodologies. The end go to market solution that was created allowed vendors and dispensaries to place orders digitally while additional features were added to improve the business processes for both vendors and dispensaries.
After the success of this initial go to market product the LeafTrade team recently raised a 4.5 million dollar round brought to bring the product team in house to manage the product development process. During the transition Vault Innovation helped with the hiring, technical documentation and code transitions to the new in-house team to ensure a clean handoff and the long term success of the product.
Collaborating with the LeafTrade team allowed both Vault Innovation and LeafTrade to succeed by providing quality engineering talent at a fraction of the cost of hiring a full development team in house.
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