Cannabis sales and distribution platform Petalfast announced on Thursday the acquisition of the sales and distribution subsidiary of Arizona-based Flow Distribution. Founded in 2017, Flow has been operating from Phoenix as a cannabis cultivator, manufacturer and distributor. It collaborated with several California cannabis brands such as Stiiizy, Wana and 22 Red, providing statewide sales coverage, marketing, warehousing and logistics services. The acquisition is expected to result in a "robust suite of distribution services to new and existing brands who wish to service their valued retail partners and scale efficiently and effectively," Petalfast said in a press release. The terms of the deal were not disclosed.
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Cannabis marketing and distribution firm Petalfast has raised $8m in an equity financing round. Led by a group of family offices, with interests including beverage alcohol distribution, the funds will allow Petalfast to expand its sales team and retail engagement services. The firm will expand further into markets where the adult use of recreational cannabis is legal. Petalfast brands sold in retail outlets include Lime, Sip Elixirs, Ciencia Labs, Hello Again and VetCBD, among others. CEO Jason Vegotsky acknowledged his company's new investors brought expertise from highly regulated industries.