- Canix is a software company that helps cannabis businesses manage their day to day activities and operations.
- Cofounders Stacey Hronowski and Artem Pasyechnyk hail from companies like Facebook, Cowen, and H.I.G. Capital.
- The company recently closed a $2.5 million round to further grow its operations to become the one-stop shop for cannabis operators.
- Visit the Business section of Insider for more stories.
When Stacey Hronowski first entered the cannabis space as a consultant for a Bay-area cannabis company, she says she was taken aback at the amount of manual work that businesses were doing just to keep track of their operations.
“Even incredibly efficient founders were spending a lot of time on Google Sheets, on pen and paper, trying to keep track of their inventory,” Hronowski told Insider.
That’s when she started to map out the idea for a compliance tool for the cannabis industry. Hronowski founded a company called Entrc, now called Canix, to address what she saw as a gap between the strict compliance regulations that cannabis companies needed to adhere to and the tools available to help.
Canix closed a $2.5 million round on Monday to further grow operations. The company wants to become the top business-management software for cannabis companies, the founders said.
The seed round was led by Phyto Partners, Floret Ventures, Andrew Freedman (Colorado’s former cannabis czar), and others. The San Francisco based company is also a Y Combinator graduate.
Cofounders Hronowski and Artem Pasyechnyk hail from the finance and software sectors. Before founding Canix, Hronowski worked as an analyst for Cowen and on platforms for companies looking to develop e-commerce marketplaces. Pasyechnyk was a software engineering manager at Facebook.
Pasyechnyk and Hronowski said their backgrounds were instrumental in building the company. It has 300 US clients and revenue is growing 12% per month, they said.
While Hronowski’s background in finance has allowed the company to stay nimble and capital efficient, Pasyechnyk’s experience has helped attract engineers from companies like Facebook, Square, and Coinbase.
Canix’s software allows cannabis businesses — from cultivators to manufacturers to retail operators — to track their inventory, sales, compliance matters, and forecasts.
With the funding, Canix says it’s planning to grow geographically while expanding its forecasting modules so that the platform can extend beyond day to day operations and help clients plan their businesses.