Nabis Boosts Distribution Capacity by Nearly 300% YoY, With Expansion Plans Slated in the New Year
OAKLAND, Calif.–(BUSINESS WIRE)–Nabis, California’s leading wholesale cannabis marketplace and distributor, today announced a record year of growth in 2021. The company, which closed a $23 million Series B Funding raise and netted an additional $5.5 million in equity financing, reported a 40% increase in sales, doubled its employee headcount and boosted distribution capacity by nearly 300% compared to Q4 2020. Nabis also raised a $5 million credit line for equipment financing to expand into new distribution facilities in 2022 with industry-leading hardware at a significantly lower cost of capital, bringing Nabis’ total financing to $44M to date.
Nabis’ rapid growth model supports its burgeoning roster of over 150 brands, including Kurvana, RNBW, Space Coyote, The Parent Company, Emerald Sky and Dompen. Over 91% of brand partners take advantage of Nabis Marketplace, Nabis Capital and Nabis Analytics, a growth platform that seamlessly connects brands with retailers and provides businesses financing and data analytics insights to help sales strategy. Nabis increased delivery capacity by well over 100% and is the first wholesale marketplace to invest heavily into its delivery fleet, adding semi trucks to ensure a distribution turnaround of 36 hours.
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“Our vision is to become a national wholesaling platform that helps our partners launch and scale rapidly,” said Vince Ning, Co-CEO and Co-Founder of Nabis. “Reflecting on 2021, Nabis grew quickly and strategically, and we owe our success to employees and partners. We’re on track to more than double our market share of cannabis distribution in California in 2022.”
The company plans to open its third distribution center in Woodlake, California, in Summer 2022. The 86,000 square-foot facility is built to be highly energy efficient and more than doubles Nabis’ storage capacity to continue to support the burgeoning industry at large.
About Nabis
Nabis is the premier licensed cannabis wholesaling platform supporting over 150 brands and supplying the entire network of California dispensaries with top-tier products. Nabis offers clients lightning-fast fulfillment, warehousing, payment processing, financing, data analytics, and sales and marketing services to enable more brands and retailers to innovate, launch, and scale. Founded in 2018 by software engineers Vince C. Ning and Jun S. Lee, Nabis is fueled by cutting-edge technology designed to support cannabis wholesaling between brands and retailers. Nabis works directly with its partners to streamline the regulated cannabis wholesaling process by leveraging actionable, industry-leading sales data and insights to help brands and retailers scale strategically. Learn more: nabis.com
Contacts
Julie Dietel
Grasslands: A Journalism-Minded Agency
[email protected]
978.502.7705