1413 With $4m in ARR, This Cannabis POS System Is Market Leader Growing 3x YoY

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

Ceo, Entrepreneurs, Founders, Software, Business, Entrepreneurship, Saas, Startups

4.6 • 683 Ratings

🗓️ 7 June 2019

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Kyle Sherman is the Founder and CEO of Flowhub and serves on the board of directors as Chairman. A legalization advocate and entrepreneur, Kyle is finding ways to use technology to help drive cannabis legalization forward responsibly in the United States.

In 2014, Kyle began lobbying the Colorado Department of Revenue to build an API to Metrc, the State's cannabis tracking system, so that third parties like Flowhub could send data directly to the database instead of manual entry. This Metrc API is now the standard in more than 7 states.

Kyle continually defines Flowhub's vision, strategy, and growth as Flowhub innovates the way cannabis businesses manage complex compliance mandates, supply chain data, sales transactions, and reporting.

His goal is to simplify business operations, keep companies and government transparent, keep cannabis products off of the black market, and build a robust scalable industry that is approachable for all adults and medical patients. This inherent motivation keeps Kyle and the Flowhub team passionate about providing fanatical customer service, and building delightful products and user experiences.

Transcript

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0:00.0	My new book, How to Be a Capitalist, without any capital is out. You can get it at
0:04.9	Capitalistbook.com. Here's what Nicholas said on March 6th on Amazon. Incredibly incisive,
0:11.2	useful, and sensible. The author is not greedy and is in fact extremely generous and does
0:15.8	not hold back on the knowledge he imparts. I've barely made it halfway to the book,
0:19.8	and I'm already gushing over the book
0:21.4	because it's an absolute gem.
0:23.1	Nathan gets to the point, quick, shows proof,
0:25.4	and best of all,
0:26.3	shows you not just what to do,
0:27.4	but how to do it in explicit detail.
0:29.7	To say the book is actionable,
0:31.2	is an understatement.
0:32.8	Now, you guys, I listen to the podcast,
0:34.1	know I'm detail-oriented, so that review might not surprise you, but I hope you
0:37.5	grab the book. It's now a Wall Street Journal, instant national bestseller. Grab it at capitalist
0:42.7	book.com. Audible version is available, too. Founded Flow Hub in 2015, helping folks in the
0:50.5	cannabis industry in a legal, compliant and regulatory way, again, process payments
0:55.3	on location. They're working currently right now with about 500 different locations paying on
0:59.5	average, called $8,000 per year. So doing about $330,000 per month right now. That's up from $120,000
1:05.8	per month back in August 2017. So almost $3.X growth year. They raised about $8 million,
1:10.6	team of 40 people between Denver, San Fran, and L.A.
1:13.4	Economics healthy, 90% logo retention annually.
	...

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