February 6, 2023

Press Release

Florida-based Cannabis tech platform Alleaves finalizes $40 million funding

| 7/21/2022

Alleaves, an industry-leading cannabis enterprise resource planning (ERP) seed-to-sale technology platform, is finalizing its $40 million Series A funding round led by The Eleven Fund at a valuation of $240 million.

Alleaves was launched in 2018 by ERP software veterans Mike Beedles and Ken Condren. With extensive Fortune 500 enterprise software experience, their vision is to transform the cannabis software industry into the realm of today's modern leading edge enterprise technology, enabling cannabis businesses to operate more efficiently, compliantly, profitably, and with the ability to make real-time data decisions.

"I believe that company (Alleaves) has finally arrived and is on the cusp of a major transformative growth opportunity."

With the completion of this strategic funding, Alleaves will embark on an accelerated multi-state commercial roll out with many of the industry's leading MSOs. In addition, Alleaves will seek to acquire and roll up other complementary cannabis technology platforms to both expand its customer base and to create the industry's most comprehensive and seamless real-time seed-to-sale software, transaction, and compliance platform.

  Michael Beedles, CEO Alleaves:

"We are thrilled to secure this strategic capital financing to accelerate our best-in-class seed-to-sale platform. Although we have been profitable since inception, this injection of capital from The Eleven Fund will accelerate our bold growth plans and expand our technology platform and commercial deployment.

After more than 25 years in the Software Development vertical, spanning the launch, build, scale, and successful exit of several companies, I believe Alleaves is positioned to be the most successful company I have ever been involved with.

At Alleaves, we passionately stand behind our superior, differentiated technology solutions. While the competition increasingly stagnates, we see the US cannabis industry demanding more as it rapidly evolves towards true enterprise mission-critical technology. We believe this transformative opportunity is now teed up to lead and accelerate that evolution.

The experience and ingenuity of our management team has allowed us to quickly transition our customers from the outdated platforms they were operating on, to our more modern, efficient, and cost-effective platform. We appreciate that no two customers have the exact same needs, and our platform allows each customer to launch the newest technology while meeting their individual requirements and budget. We will continue our plan to merge and acquire strategic technology that augments and enhances our turnkey platform, allowing our customers to benefit from our success. We treat all our customers as partners, and believe that the healthier our customer's business is, the healthier our business will be, allowing us to thrive and grow in unison with our happy customers."

Hartley Wasko, CEO of The Eleven Fund:

"I have watched the cannabis industry evolve from the back woods of society to a major US industry, yet the industry remains handicapped by a number of structural and regulatory factors, in addition to the challenges of what has largely been home-brewed cottage industry technology.

As a technology investor, I have been waiting for a true enterprise-class technology company to come along and usher the cannabis industry into the realm of the modern technology era. I believe that company (Alleaves) has finally arrived and is on the cusp of a major transformative growth opportunity."

About - Alleaves, Inc

Cannabis Intelligence Made Easy - Eliminate the blind spots, grow your cannabis business with confidence, and drive growth by using a real-time, transparent seed-to-sale tracking and ERP platform that operators can optimize upon, and policymakers can trust.

Alleaves was founded by enterprise software industry veterans with extensive knowledge of ERP software solutions, and applied that cumulative experience to fill a void in the cannabis cultivation, manufacturing, P.O.S and supply chain software experience. Our mission is propelled by an unwavering focus on providing cannabis innovators with four things: Control, Cohesion, Clarity, and Compliance.

Alleaves can be offered as a full seed-to-sale system, or it can combine with your current systems to provide more effective reporting and business analytics. Flexibility and fast, seamless integration are being made the norm as Alleaves advances its goal of improving every customer's experience.

With Alleaves, you will enjoy our trademark Real Time Sensor Fusion technology. With "RTSF," our SaaS platform is able to provide clarity across multiple processes, partners, and integrations with ease. Our goal is to truly create cohesion between all aspects of your business. From KPI triggers to real-time inventory management, Alleaves is sure to seamlessly fuse your business processes and report them back to you in the most intuitively beneficial way possible.

About - The Eleven Fund

The Eleven Fund is a multi-strategy growth investor seeking to make equity investments in early, typically high-growth stages of company development. The Eleven Fund invests in both public equity and private equity markets with sector emphasis on Technology, Life Sciences and Consumer.

Contact: info@alleaves.com.

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