Full-service, turn-key cannabis gift card and marketing solutions provider, Birchmount Network, announced it closed a $2.5M seed round led by Achari Ventures (NASDAQ: AVHIU) with participation from WGD Capital, Poseidon Asset Management and the Arcview Group.
The investment will enable Birchmount to deepen integrations with leading point-of-sale systems (POS) and other solution providers for continued expansion throughout the U.S. and Canadian cannabis markets.
The capital will also be used to optimize marketing efforts, grow its team and support the growth of cannabis companies by providing robust, compliant gift card programs and related marketing services.
Cannabis Gift Cards - Just In Time For The Holidays!
Birchmount provides gift cards and related marketing solutions to cannabis retailers in the U.S. and Canada. The cards can be easily and seamlessly integrated into existing POS systems or available as standalone solutions.
The physical and digital gift card programs, according to Birchmount, create new avenues for brands to increase revenue, attract new consumers and deepen customer loyalty.
The company intends to power programs for roughly 500 dispensaries across the U.S. and Canada by year-end.
“We are thrilled to bring best practices across compliance and fraud mitigation within the mainstream gift card industry to the rapidly growing cannabis industry," Birchmount CEO and co-founder Alex Barseghian said. "Gift cards are a proven catalyst for customer growth, consumer loyalty and increased incremental revenue, but cannabis businesses didn’t have easy access to such programs. When we looked at the marketplace gap that was occurring, we saw an immediate opportunity to not only service consumers with more frictionless retail experiences, but also to arm business owners with this popular mainstream service used widely in the CPG sector.”
Birchmount is backed by a management team with a collective 20+ years of experience in the gift card industry - their collective previous experience includes managing programs for some of the world’s top brands, including Starbucks, Sephora, Lululemon, Shoppers Drug Mart, Kroger and more.
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