E-commerce cannabis venture Jane Technologies bags $100m in funding

Online cannabis marketplace startup, Jane Technologies, has closed a $100 million Series C funding round.

This was led by Honor Ventures with participation from Third Point Ventures, Gotham Green Partners, L2 Ventures, Delta Emerald Ventures and Artemis Growth Partners.

Jane previously landed $30 million in funding, bringing the total amount of capital raised to roughly $130 million.

The venture says that 20% of all legal cannabis transactions in the US are powered by its platform, which catalogues 700,000+ SKUs across the industry.

It will use the additional funding to expand its digital footprint and grow its team across multiple areas of operations.

The cash will also be used to enhance existing software solutions and introduce new technologies.

"The Jane team has worked diligently over the past few years to ensure we have the right foundation to take this next step in establishing the cannabis industry's digital infrastructure on a global scale," says Socrates Rosenfeld, Co-founder and CEO, Jane.

"We don't define success by the amount of capital we've raised or the size of our team, but by the value we create for our dispensary partners, brand partners and consumers.”

“This round of funding represents the beginning of the next chapter for Jane as we continue steadfast on our mission of empowering local businesses while providing safe access to a plant that helps so many people around the world."

"Over the last 25 years I've spent working with e-commerce companies, few have become enduring global platforms," comments Jeffrey Housenbold, Founding Managing Partner at Honor Ventures.

"Jane has all the right ingredients to become the next eBay or Shopify. They are creating a win-win for all constituents in the ecosystem – brands, retailers and consumers all benefit from their platform and trust Jane to be the go-to service provider to build the future of cannabis commerce on a global basis.”

Canada and headless e-commerce solution

Last month, Jane expanded outside of the US for the first time with its launch in Canada via cannabis retailer, High Tide.

In June, it released its new headless e-commerce solution, Jane Roots, which takes care of backend e-commerce infrastructure including integrations, data cleansing, personalisation, reviews and automation.

It says that it is on course to power more than $25 million and $3 billion in cannabis sales through its network of 2,100+ dispensaries and 300+ brand partners across 36 US state markets and Canada.