Cannabis retail commerce platform Treez saw a 2023 marked by positive developments despite some growing pains in the broader ancillary market.
With a near 300% surge in business over the past three years, the expansion earned Treez a place on the Inc 5000 list for the third year in a row. Additionally, Treez reported a 34% rise in cannabis transactions and a 24% increase in gross receipts across its platform in 2023, compared to the previous year.
The firm pointed to several key achievements over the past year, including technological advancements and strategic partnerships.
“In 2023, while we significantly expanded our company footprint across the cannabis industry, we primarily focused on developing and delivering to our loyal retail customers the innovative products and services that can help them become profitable,” Treez CEO John Yang said in a statement Wednesday.
The performance is notable considering the company primarily plays in a saturated segment of the cannabis ancillary space: point-of-sales systems providers.
Even so, Green Market Report previously reported in November 2022 that Treez had been in the top ten rankings while having a 3% share of the market. According to Cannabiz Media’s latest figures, Treez now ranks 12th with a lower 2.11% dent in the scene overall.
The company said in a news release that it introduced several new offerings aimed at reducing labor costs and driving revenue for retailers during the year. This includes better ways to understand and use sales data on its retail sales tracking platform, and a new system for online stores that lets retailers customize their online shops.
On the fintech front, Treez said it improved its payment processing solutions to help retailers make more transactions and introduced a new financing option to provide them with immediate working capital. The company also passed a major security audit (SOC 2 Type II Compliance).
Treez’s partnership with Metrc also helped launch what it dubs the industry’s first global product catalog, which the firm says makes it easier for retailers to manage products and improve shopping for customers.
Customer satisfaction remained a strong focus, with the company achieving a customer satisfaction score over 90 for the year. The firm said its platform was particularly active on the big April 20 sales day, in which operating clients reported a 32% rise in total revenue and a 44% increase in customer count compared to the previous year, alongside maintaining a platform uptime of 99.99%.
Treez also expanded its leadership team, appointing Suresh Khanna as President and Chief Operating Officer. Khanna brings experience from the tech startup sector, with a focus on sales, marketing, and customer success.
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