B2B cannabis logistics platform WAYV has launched a service to streamline cannabis supply chain logistics.
The company’s Dynamic Distribution connects brands, retailers and distributors, as well as allows brands to list themselves as third-party distributors for other brands. In addition, the platform automatically checks for compliance with all parties on the platform across federal, state and local laws.
Founded by Keith McCarty, WAYV launched last year in California after receiving $5 million in seed led by Craft Ventures’ David Sacks. The company now hosts over 70 brands, including High Style Brewing Company and GoldDrop, as well as more than 85 percent of licensed retailers. WAYV generates revenue on a per-transaction basis, charging a 15 percent fee to brands.
“Navigating the antiquated cannabis supply chain as a retailer, grower, manufacturer or distributor is costly and cumbersome,” McCarty said at the time. “That’s why we created WAYV. Our platform catapults the cannabis industry forward with modern technology and a compliant marketplace — already in use by hundreds of brands and distributors. WAYV’s marketplace streamlines fulfillment, integrates compliance with payment terms and provides real-time product tracking. Now, retailers can build long-term, trusted relationships with brands.”
Recently, McCarty explained that one of the obstacles a demand logistics business faces is supply constraint; he compared it to on-demand services like Uber and Lyft, which are dependent on the number of drivers they can get on the platform.
“In the cannabis environment, there are so many compliance and licensing requirements, along with packaging and product testing requirements — which are all amazing and necessary — that we live in this environment that is very fragmented,” said McCarty, according to reports. “It’s the fastest growing industry in the world, and there’s no Coca-Cola or Starbucks. There are no big chains. Just small companies individually. This means a lot more friction and a lot more need for something like WAYV to help solve the problem.”