DENVER, COLO. (Tuesday, Nov. 14, 2017) – Baker, a customer engagement software company for marijuana dispensaries, today announced the acquisition of Seattle-based Grassworks Media, the second largest CRM player in the cannabis market, according to a press release.
As a result of the acquisition, Baker will add Grassworks’ approximately 150 dispensary clients to its roster of retail clients across 16 states and Canada. Grassworks’ management team will join Baker in its new Seattle office, where Baker’s existing northwest sales representatives are based. As part of the acquisition, Baker will eventually leverage Grassworks’ technology to augment its offering. Current Grassworks customers will not be immediately affected.
“We’re thrilled to announce our first–and one of the industry’s first tech acquisition–acquisitions,” said Joel Milton, CEO and Co-founder of Baker. “Since our founding, we have been focused on organic growth opportunities. As the market develops and we continue to grow and scale, we started to look at other strategic growth opportunities that would help us enhance our team, offering and further establish Baker as the industry leader. This acquisition does just that. We are joined by Grasswork’s great team and are now, by far, the leading CRM platform in Cannabis. This puts substantial space between Baker and our competition, and allows us to provide the best product in the market to our growing customer base.”
Founded in 2014, Baker has grown from three founders, representing a couple of dispensaries in Denver, to a staff of over 50 and representing more than 700 dispensaries across 16 states and Canada.
“We’re really excited to be joining forces with the market leader,” said Ryan Porter, CEO of Grassworks. “Baker has a fantastic product and talented leadership team, and together we’ll build the absolute best products for the cannabis industry.”
The Denver-based software company has a unique data-driven approach that helps dispensaries leverage their brands to keep their customers happy and loyal, and increase revenue almost immediately.
Baker’s acquisition is the latest in some big moves within the cannabis industry, which show a trend in investments and industry consolidation.
“Within the last month we saw huge alcohol conglomerate Constellation invest nearly $200 million in a Canada-based Cannabis company, and iAnthus, a cannabis market operator, purchase GrowHealthy, a medical cannabis grower,” said Morgan Paxhia, Managing Director and Chief investor at Poseidon Asset Management, an investor of Baker’s. “As the industry evolves, we can expect to see many more money investments and acquisitions like Baker’s, which, as an early — and continued – investor, is great to see. Congratulations on its continued growth.”
For more information about Baker, visit: www.trybaker.com.
Source: Cannabis Business Times