Cannabis Gift Card Provider, Birchmount Network, Closes $2.5M Seed Funding Round
Portfolio Pulse from Maureen Meehan
Birchmount Network, a provider of cannabis gift card and marketing solutions, has closed a $2.5M seed funding round led by Achari Ventures (NASDAQ:AVHIU). The funding will support Birchmount's expansion in the U.S. and Canadian cannabis markets, deepen POS integrations, enhance marketing efforts, and grow its team. Birchmount aims to service around 500 dispensaries by year-end, offering physical and digital gift card programs to increase revenue, attract new consumers, and boost customer loyalty.
October 19, 2021 | 5:06 pm
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Achari Ventures (NASDAQ:AVHIU) leads a $2.5M seed funding round for Birchmount Network, a cannabis gift card provider aiming to expand in the U.S. and Canada.
Achari Ventures' leading role in the funding round for Birchmount Network highlights a strategic investment in the growing cannabis market. This involvement is likely to be viewed positively by investors, as it positions AVHIU in a niche yet expanding sector. The investment in Birchmount, which aims to service 500 dispensaries by year-end, indicates a potential for significant growth and market penetration, likely contributing to a positive short-term impact on AVHIU's stock price.
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