The AI-powered cannabis retail platform, Genetica successfully raised $500,000 in a seed funding round.
The round was led by Ensemble, CEO of Talent Resources Ventures and Genetica adviser Michael Heller, Show Me Organics, executives from Hara Supply and Mitchell Harounian. This support will enable Genetica to expand its presence in dispensaries across the U.S. and venture into other retail sectors outside of cannabis, including grocery stores and pharmacies, per a press release.
“With plans to launch its software in over 350 locations in the US and numerous international retail and pharmacy entities in the coming quarter, Genetica is set to revolutionize the cannabis shopping experience.”
At the core of Genetica’s offerings is Flora AI, cutting-edge technology that enhances consumer experiences in the cannabis and CBD industries.
Flora AI powers Genetica’s flagship product, Flora Match, which provides personalized product recommendations by analyzing a vast array of data points, including in-store inventory, customers’ dietary habits, activity levels, age, medical conditions and desired effects.
This state-of-the-art tool complements the role of store employees, enabling upselling and add-on sales, thereby driving revenue growth. Genetica’s product suite will expand further with the introduction of Flora OS, an all-in-one operating system that leverages AI to optimize retail operations.
Genetica CEO Ben York brings valuable experience to the team as an operator and investor in the cannabis industry. York expressed gratitude for the strategic investors who empowered Genetica’s expansion plans and enabled the company to broaden its scope beyond cannabis. “Their faith in our mission has empowered us to broaden our scope beyond the cannabis sector. Our ultimate goal is to increase revenues and customer loyalty for a diverse range of retailers through data-driven product recommendations and business insights.”
Reed Woodson, a managing partner at Ensemble, shares his excitement about Genetica’s development and growth. “Their use of AI to personalize the customer experience and unlock new revenue opportunities for retailers is exactly what the cannabis industry needs right now. We’re not just investing in a platform, we’re investing in the future of retail – one that is data-driven, personalized, and highly effective. We’re excited to be part of Genetica’s journey as they modernize the cannabis industry and reshape the broader retail sector.”
Genetica’s commitment to leveraging AI technology to enhance the retail experience is a significant step forward in the evolution of the cannabis industry. (Full Story)