GrowerIQ, a pioneer in the cannabis management platform space, recently received a $3,000,000 CAD investment led by Golden Section and MaRS IAF to drive expansion and growth.
GrowerIQ is a comprehensive cannabis management platform that helps facilitate more efficient regulatory reports while providing insights to encourage optimal operational practices.
Andrew Wilson created this product to solve specific problems in the growing cannabis space. His exposure to the legal cannabis industry in Canada gave him a competitive edge in what he had to offer cannabis producers worldwide. He recognized the many struggles that these producers faced, particularly fragmented operations, regulatory compliance, and managing the often-complex legalities.
The purpose behind GrowerIQ is to manage these complexities for producers, so they can focus on the bigger picture.
The company recognized the difficulties caused by having fragmented reporting systems, making it hard to gather data or perform analyses. It centralizes and makes widely dispersed data easily accessible across multiple systems. By combining the different modules that each team needs – Cultivation, Manufacturing, Warehouse, CRM, Orders, and Quality Management – GrowerIQ is a true seed-to-sale traceability platform.
GrowerIQ is well positioned to take advantage of the expanding cannabis industry. Its client reach is now global, with customers in 14 countries. Currently, the US is expected to reach $33 billion in combined medical and recreational cannabis sales in 2022, while the global cannabis market is projected to grow rapidly at a double-digit growth rate, reaching $82 billion by 2027.
“What Golden Section has put together is such a unique portfolio of services and expertise that work together as a cohesive whole,”Andrew Wilson, CEO of GrowerIQ.
There are competitors in the space, but GrowerIQ is the most sophisticated end-to-end cannabis enterprise resource planning (ERP) platform and is in a category of its own. The platform has “smart,” closed-loop capabilities that not only gather data but leverage it to help companies increase their bottom line. Additionally, non-cannabis ERP systems do not integrate with cannabis production, making the platform a sticky and essential product. These are some of the reasons why we decided to invest in an ERP for growers.
Our mission at Golden Section is to partner with and invest in early-stage B2B software companies at the inflection point of expansion, and in founders who have subject matter expertise with vision. Andrew embodies these principles and aligns with our strategy of capital efficiency and growing scalable, SaaS products.
GrowerIQ will be leveraging our deep product expertise to bolster an already strong architecture, ensuring a strong base for continued growth. While the company has many revenue streams, it has progressively focused efforts on driving revenue through the SaaS component, which we believe has the greatest growth potential.
Our team recently hosted Andrew in our office, and had some time to chat with him about his vision, mission, purpose, and values. You can watch the interview below.
We are excited to be working with Andrew and look forward to helping GrowerIQ continue to drive efficiencies for cannabis producers worldwide.
You can learn more about GrowerIQ here.