Dash-leveraging cannabis-geared payment solution Alt Thirty Six has acquired $10 million in additional investment.
We are excited to announce that we have closed on our Series A funding round! This is a huge step for Alt Thirty Six and for the #cannabis industry!https://t.co/9J3vA3jEvU#CannabisBusiness #CannabisNews #CannabisIndustry #CannabisPayments #Dash #Dashpay
— Alt Thirty Six (@altthirtysix) April 23, 2019
A fully-integrated business and payments solution leveraging Dash, Alt Thirty Six specifically caters to the legal cannabis industry, which is largely cash-only and suffers from banking problems and high cost to process transactions and make payments. The company has received funding from the Dash treasury, and in exchange has offered Dash a 36-month exclusivity period. Alt Thirty Six announced this week a $10 million round in Series A funding from a private equity firm. According to Ken Ramirez, co-founder and CEO of Alt Thirty Six, this new injection of capital will accelerate the company’s progress towards a full public launch and expansion:
“We are committed to revolutionizing the cannabis space by increasing access to compliant digital payments, making transactions easier and faster for all cannabis businesses. This new Series A funding round provides us access to the resources we need to help facilitate our vision for one of the fastest growing industries in the country.”
Alt Thirty Six’s initial growth and progress with a revolutionary cash management system
Alt Thirty Six commenced operations early last year, kicking off with high-profile industry partnerships with the WebJoint system and the CannTrade platform. B2C launch into dispensaries available for direct purchases by customers with Dash has been delayed, however the company has debuted a cash management system, offloading dispensaries’ cash in exchange for Dash in order to pay suppliers, reporting six-figure weekly volume for the service.
Validation of the potential of the Dash treasury system to bootstrap ecosystem-favoring projects
This is also a huge validation of their business and the progress they've made with their services and customer pipeline. Very glad to be working with them to solve serious financial services challenges of a fast-growing industry.
— Ryan Taylor (@RTaylor05) April 23, 2019
This new round of funding hints at progress and confidence with what stands as one of the most significant projects funded by the Dash treasury. In late 2017, Alt Thirty Six came to the Dash network for startup funding to create its cannabis-geared business in exchange for a 36-month exclusivity agreement with Dash, offering a strong competitive leg up for Dash in the cannabis space against other cryptocurrencies in exchange for crucial funding. Alt Thirty Six has also received supporting funding directly from the Dash Core team as well this year.
Dash Core CEO Ryan Taylor sees this most investment as vindication of Dash’s early interest in the project and its potential. With an initial investment from the Dash network, Alt Thirty Six was able to make initial progress in building its ambitious vision to the point where larger investors have taken notice. This model has the potential to reward investments into fledgling projects, where favorable conditions can be negotiated for Dash with a small startup that later receives the bulk of its funding from an outside source.