When Quake invests in companies, we look for not only traction, but also market potential. And the cannabis market remains relatively untapped. That’s why we were excited to invest in Stemless, a software solution for cannabis companies to conduct fast, easy, and secure sales online. Stemless does not sell cannabis itself, but helps cannabis businesses access a legitimate digital sales channel. In turn, consumers are able to purchase their cannabis faster.
In September 2015, Stemless founder Koushi Sunder went out to a dispensary in Washington with her friends. What she found was a long wait and a store that only took cash payments. Quickly realizing this was a problem for many working adults, people with children, and even people with disabilities, Koushi decided to take action.
After a lot of searching, Koushi found a Lead Developer in Swapnil Ghosh. Together, they launched Stemless in April 2016, and expanded the team in 2017. While the backgrounds of the team differ (Koushi herself came from a finance and banking background), every member believes in the legalization of cannabis. They are also committed to making communities better while removing the stigma surrounding cannabis. Trevor, a Stemless team member, also noted that the cannabis industry has immense economic potential. According to The Brightfield Group, the global market for cannabis is currently valued at $7.7 billion, but projected to grow to $31.4 billion by 2021.
Stemless is currently in 25 stores in Oregon and California, but is working towards being in 150 stores in the next year in multiple states. When asked about where she hopes the company will be in a year, Koushi responded that she wants Stemless to be a household name for ordering cannabis.
The main thing Stemless hopes to gain from Quake’s Spring 2018 NYC Accelerator is a strong network. Because the team believes in their product, they’re looking to build a solid distribution network. In terms of learning, Koushi is excited to learn about growing her team and understanding the questions to ask in order to grow Stemless.
Ultimately, Stemless is about giving an industry facing so many limits on its potential a legitimate tool to create successful cannabis businesses. We’re excited to be involved in this journey, and look forward to seeing what Stemless has in store.