Company Subsidiary Thrive Society Becomes One of the Largest Supply Chains of Legal Cannabis in the World Supported by a Proprietary Upstream Digital Marketplace Technology
SANTA ROSA, CA, Nov. 30, 2021 (GLOBE NEWSWIRE) — via NewMediaWire – Eco Farm Holdings PBC/ Thrive Society (the “Company”), a technology-forward portfolio of operating assets in cannabis cultivation, manufacturing and consumer brands that is unified through a distribution platform and powered by an upstream digital marketplace, announced today that its leading distribution platform, which connects cannabis farmers with buyers across the state of California, now supports over 400 cannabis farmers and 200 buyers including distributors, manufacturers, and retailers. The achieved milestone positions Thrive Society as one of the largest data driven, digitally connected supply chains of legal cannabis in the world.
Operating in California, one of the largest legal cannabis markets in the world with projected sales reaching $7.2 billion in the state by 2024, Thrive Society is a membership-based cannabis distribution platform with a core mission to deliver a more effective farming life cycle and route-to-market by leveraging Agriculture 4.0 technology and focusing on precision agriculture, the internet of things (IoT) and the use of big data to bring greater efficiencies and visibility to its upstream cannabis member-cultivators and downstream member-buyers. Leveraging thousands of data points, Thrive Society empowers farmers to sell cannabis in bulk to buyers with confidence that the market value for their product is competitive – providing a much-needed solution to the marketplace’s existing inconsistent pricing structure. Thrive Society members receive priceless insight into harvesting and demand trends, allowing growers to forecast cultivation strategies in real time. For buyers, Thrive Society offers a real-time marketplace of an extensive library of wholesale cannabis available for sale throughout the state, eliminating stock-out issues and increasing price transparency.
“In every industry, data is king,” said Devin Calloway, co-CEO, Founder and CTO of Eco Farm. “So many operators are flying blind when it comes to harvest planning, price forecasting and inventory management. Our platform, which is fueled by actual transaction metrics that are occurring in real time, offers both sellers and buyers the invaluable information they need to make data-driven operational decisions, mitigate risk and increase profit margins.”
With two showrooms in Los Angeles and Santa Rosa, Thrive Society members are able to list their cannabis products for sale. Showcased products can range from dried flower to concentrates, including product test results, batch information on the product and its availability, and users can post a fair and transparent price, something not seen in most distribution models currently employed throughout the industry. Thrive Society operates under a community membership model where support of mutually beneficial transactions is core to the Company’s ethos.
“Many cannabis businesses still rely on antiquated supply chain systems. Leveraging our years of experience in the cannabis industry, we have built a tech-forward infrastructure model throughout California’s cannabis supply chain that allows us to operate in an efficient and transparent way,” said Danielle Dao, co-CEO and Founder of Eco Farm. “Achieving this milestone of supporting over 600 cannabis operators in the world’s largest cannabis market is a true illustration of the potential national success of our model, which is powered by technology.”
While Thrive Society is one of the largest revenue-generating and innovative segments of the Company, Eco Farm is a portfolio of holdings comprised of operating assets in genetics, cultivation, manufacturing, and consumer brands. Through the Company’s licensed nursery facility and relationships with preferred nursery partners, the Company offers hundreds of genetic varieties of popular cultivars with unparalleled consistency. Genetics remain one of the most important pieces of the cannabis supply chain and leveraging this integrated approach allows Eco Farm to own and control one of the most volatile pieces of the supply chain.
Eco Farm’s highly successful cannabis consumer brand, Lifted Legacy, supports family-owned craft farms in the Emerald Triangle and brings high-quality cannabis cultivars to market. The Lifted Legacy brand is sold in over 75 retail shops throughout California and offers products that are region-specific and chosen through data provided by the Thrive Society platform. Rounding out the vertical integration of Eco Farm is the Company’s highly scalable manufacturing facility, where the Company processes cannabis products for its own brands as well as countless brands sold throughout the state. The entire portfolio is powered by Eco Farm’s world-class technology and plant-touching platforms, including Thrive Society, which is uniquely positioned as a scalable model for emerging markets across the country.
Eco Farm is a public benefit corporation, meaning the Company considers additional stakeholders in its decision-making process besides the traditional economic benefit of its shareholders. Stakeholders could include the community in which the Company operates, the environment as it is impacted by the operations of the business, or its staff and the overall benefit of their involvement in the organization. While this designation adds an additional layer of complexity to the Company’s operations, it was chosen as a way to add tangible metrics to the Company’s mission of driving change through intent and action. The Company is led and staffed by people from all backgrounds and constantly supports social equity programs throughout the industry.
About Eco Farm Holdings PBC
Eco Farm Holdings PBC is an integrated portfolio of companies that operates across the legal cannabis supply chain, primarily in the state of California. The first-of-its-kind cannabis public benefit corporation works with over 400 farms throughout the state of California, helping manage farmers’ supply chains and distribution through its leading distribution subsidiary, Thrive Society. Thrive Society is powered by a first-of-its-kind, underlying digital marketplace technology that allows for a fully transparent, upstream distribution of cannabis. The technology offers real-time data analytics, enabling farmers and buyers invaluable insight into consumption behavior, allowing for accurate forecasting and price modeling. Additionally, the holding company has operating assets in cannabis nursery, cultivation, and manufacturing, which power its consumer brand Lifted Legacy available to both medical and adult use consumers throughout California. The Company’s founders and Co-CEOs Danielle Dao and Devin Calloway have a combined 35 years of cannabis industry and advocacy experience with a proven history of managing supply chain operations and technology applications.
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