SAN FRANCISCO, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Treez, the leading enterprise commerce technology platform that helps cannabis retailers become profitable, today reports continued business growth and customer success in their 2023 full-year results. The report reflects multiple advancements in best-in-class product and service offerings, the launch of the first industry-wide global product catalog, and record growth for Treez retailers, among other achievements.
“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,” said John Yang, CEO of Treez. “With new advanced tools like our global product catalog and headless ecommerce solution, and further investments in our market leading offerings of TreezPay for cashless payments and Retail Analytics for data, backed by the best customer service in the industry, we aim to ensure retailers grow efficiently and profitably in the years ahead.”
2023 highlight achievements for Treez include:
- A 3-year growth rate of nearly 300%, resulting in winning an Inc 5000 listing for the third consecutive year. Furthermore, there has been a 34% increase in cannabis transactions on the Treez platform in 2023 versus the previous year, and a 24% increase in gross receipts across all retailers running on Treez.
- Introduction of Suresh Khanna to the executive leadership team as new President and Chief Operating Officer. Khanna holds deep experience in leading and scaling high-growth technology startups across sales, marketing, customer success, growth, product, and fundraising. In his short time on the Treez C-Suite, he has already implemented several initiatives to accelerate growth and profitability for the company.
- Strategic partnership announced with Metrc. Through a partnership announced in November, Treez and Metrc aim to create the cannabis industry’s first ever Global Product Catalog, which will empower retailers with a trusted master database that provides significant labor savings to retailers and a streamlined shopping experience for consumers.
- Announcement of multiple offerings to help reduce labor costs, drive revenue, and increase profitability for retailers, including automated and customized data, and Headless eCommerce.
- The transformative enhancements to the Treez Retail Analytics platform include custom dashboards at retailers’ request for personalized data views like profitability reporting, customer data parsing, and visualized budtender adherence to discounting and upselling initiatives. The Treez Retail Analytics platform has become the cornerstone for maximizing the potential of cannabis retail businesses by making data easily accessible, digestible, and actionable.
- Treez Headless eCommerce is an enhanced API-driven solution specifically designed to enable third-party developers to create custom, high-performing, and scalable online storefronts for retailers. Retailers can build a unique and engaging online shopping interface using their preferred framework, liberating retailers from the constraints of iFrames and third-party marketplaces.
- Rollout of multiple advancements in fintech offerings for cannabis retailers to optimize flow of payments and increase revenue, including TreezPay 2.0, TreezPay ACH, and PayLater Embedded Financing.
- TreezPay 2.0 is a comprehensive upgrade to the leading integrated digital cashless payment platform that consistently boosts retailers’ average monthly revenue by over 25%. It includes the following features:
- TreezPay Gateway is a hub for merchants to adopt cashless solutions seamlessly, that makes retailers more money by ensuring they can offer cashless solutions no matter what.
- The TreezPay One Application is a streamlined online application process that allows retailers to apply and get expedited approval for multiple compliant TreezPay cashless payment products, including integrated card and direct ACH payment solutions.
- With TreezPay Portal, customers can streamline reconciliation of payment reports, and enable flexible management of payment options for all of their locations within their existing Treez POS account.
- With TreezPay ACH, Treez launched the general availability of its proprietary ACH payments product to streamline financial services with the most compliant digital payment solution in the industry today
- Treez offers PayLater Embedded Financing, a tech-enabled, partner integrated lending service, now available exclusively and directly through the Treez platform providing instant working capital, which is nearing $1 million in approved funding.
- TreezPay 2.0 is a comprehensive upgrade to the leading integrated digital cashless payment platform that consistently boosts retailers’ average monthly revenue by over 25%. It includes the following features:
- Achievement of SOC 2 Type II Compliance, a third party audit that validates the efficacy of the internal controls and security protocols employed by Treez in protecting customer data over an extended period of time.
- Customer satisfaction score of 90+ for the aggregate year due to a continued commitment to providing the best customer experience in the cannabis industry including having a dedicated, live and on the ground customer success team for every Treez customer.
- Record growth for Treez retail customers on 4/20. Every year, Treez releases its annual 4/20 retail report examining hundreds of dispensary sales data across the highest volume shops in the largest cannabis markets to determine the biggest wins, losses, and product trends during the industry’s biggest holiday. Treez customers saw a year-over-year aggregated sales increase of 32% in total revenue, as well as a 44% increase in customer count compared to 2022, all while experiencing an uptime of 99.99% on the Treez platform.
About Treez
Treez is the leading enterprise cloud commerce platform providing point of sale software, retail analytics, cashless payments and integrated partner solutions to the highest volume retail operators in the biggest state markets in the cannabis industry. Treez's innovative technology and insights help retailers accelerate revenue growth, drive better operational efficiency and increase profits.
The extensible open API platform provides smooth integration into a variety of best-of-breed solutions across ecommerce, delivery, customer relationship management, marketing and loyalty, accounting, ERP and more. Layered on top is a dedicated client success team and 24/7 customer support, giving retailers everything they need to grow their business efficiently.
For more information, visit https://www.treez.io/
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