Wurk’s $3M Seed Round to Fund Key Hires and Geographic Expansion

“Workforce Compliance Platform Adds Funding and Executive Leadership to Service Growing Industry

Denver, Colorado— April 11, 2017— Wurk – a workforce compliance platform built for the highly-regulated cannabis industry – has raised $2 Million to its seed round to fund key executive hires and expand more quickly into the newly opened, legal cannabis markets. The additional funding brings Wurk’s total seed round to $3 million. Poseidon Asset Management led the extended round, with participation from Phyto Partners, Salveo Capital and The Arcview Investor Network.”

Read the full post here.

Wurk Raises Additional $2M to Meet Cannabis Compliance Needs

Workforce Compliance Platform Adds Funding and Executive Leadership to Service Growing Industry

Denver, Colorado— April 12, 2017Wurk – a workforce compliance platform built for the highly-regulated cannabis industry – has raised $2 Million to its seed round to fund key executive hires and expand more quickly into the newly opened, legal cannabis markets. The additional funding brings Wurk’s total seed round to $3 million. Poseidon Asset Management led the extended round, with participation from Phyto Partners, Salveo Capital and The Arcview Investor Network.

 

With the expansion of the cannabis industry into newly legal states and the federal administration’s push for compliance, Wurk fills an urgent need to support the regulations and rapid growth of the cannabis workforce. The firm’s experience navigating the difficulties of the Federal “Schedule I Substance” designation, as well as a growing patchwork of State and Local regulations, helps cannabis companies provide the necessary HR and Payroll infrastructure to take care of their employees and stay compliant with government regulations. Wurk’s Workforce Compliance technology supports operators in 12 states with solutions like 280E reporting, state-specific employee onboarding, and payroll management as part of a full suite platform.

 

“With eight new markets emerging in November, including the passing of Prop 64 in California and the new administration’s focus on compliance, we knew we would need to scale the business quicker to meet this demand,” said Keegan Peterson, Wurk’s CEO. “We are a service based organization. The more businesses we can reach, the more people we can help. Our new funding gives us the ability to scale our business in a way that helps us keep up with the demands of this evolving and growing marketplace.”

 

As part of the company’s expansion, Wurk has hired Matt Kelly as Chief Financial Officer and Jay Meyers as Chief Revenue Officer. Kelly brings considerable experience in finance and hyper growth management to the company, while Meyers has a strong background in HR technology with specific focus on highly regulated industries. Both will report directly to Peterson and bring strong leadership and experience to the company.

 

“Investing in Wurk has been extremely rewarding. We have seen positive responses from operators, as they move onto Wurk’s platform to streamline their compliance processes,” said Emily Paxhia, managing partner at Poseidon Asset Management. “Closing this recent raise provides them with the capital to grow their business and market share through strategic hires, expanding on their already strong team. Additionally, their plans to scale and to reach more companies will make for a stronger industry across the board. Success of a company always comes down to the people involved, and Wurk makes it easy for companies to support and empower their people.”

 

About Wurk

Wurk is a Workforce Compliance Platform specifically designed for the highly regulated cannabis industry. Our platform automates the processes associated with hiring, managing and paying employees, greatly reducing costs for employers, and making administrative tasks easier, less error-prone and quicker for employees. The Wurk platform includes tools to manage compliance with industry-specific regulations like Federal income tax code section 280E and state-specific requirements for employee registration and badging. Wurk provides an ecosystem of industry experts specializing in 280E tax law, accounting, human resources, cannabis corporate law, and banking. Learn more

www.enjoywurk.com

Cannabis Payroll And Compliance Firm ‘Wurk’ Bags Another $2M In Seed Round

“Around the country, cannabis businesses face a fair mountain of red tape in trying to comply with different state and federal laws. A Colorado startup wants to help keep the legal industry rolling (and doing what it does best) by providing a one-stop shop for businesses’ compliance and payroll needs, and it’s already raking in the green.

The cannabis workforce compliance platform Wurk announced today that it has raised $2 million more in an extended seed round to help develop its growing operation in pot country and beyond, bringing its raised total to $3 million. In a press release, the company noted it would use the funds for “key executive hires” and to ramp up its expansion into new legal cannabis markets. The extended round was led by Poseidon Asset Management, with Phyto Partners, Salveo Capital and The Arcview Investor Network also participating.”  Read the full post here.

Denver payroll services firm aimed at marijuana business raises $2M

“A Denver payroll and business compliance startup that targets the marijuana industry said it’s raised $2 million in new funding.

Wurk said the latest round of funding was led by Poseidon Asset Management, with participation from Phyto Partners, Salveo Capital and The Arcview Investor Network.”  Read the full post here.

Funding Snapshot: Wurk Adds $2M Seed

WSJ Pro, covered Wurk’s news regarding adding $2 Million Seed for Cannabis Industry Workforce Compliance.  Read the post here.

Extract: Cannabis sales hit $6.7B in 2016

Extract’s Emily Gray Brosious published her article about the cannabis industry’s massive year in 2016 and the uncertainty ahead. She connected with Keegan about job growth in the industry and quoted him several times at the beginning and ending of the article. 

“With well over 100,000 jobs in the industry as of last year, this number will continue to grow as markets continue to mature and expand,” said Keegan.

Read the entire article here.

Recruiter: Workforce Management Solutions

WurkRecruiter logo Founder & CEO recently wrote about software solutions that are designed to automate key tasks like payroll, scheduling, and employee onboarding for the cannabis industry. A good workforce management solution can make running a business in the cannabis industry much less complicated. Read the entire post.

Marijuana Media: FLSA Overtime Change

Marijuana Media shared the industry update Wurk provided to customers and prospects.

 

What you need to know about the Department of Labor’s proposed changes to the FLSA Overtime Rules. 

 

The new FLSA Overtime rules have been delayed by the election, and a challenge in court. A federal judge in Texas filed an injunction blocking the Department of Labor’s new federal overtime rule.

 

  • The new FLSA Overtime rule would have doubled the Fair Labor Standards Act’s salary threshold for exemption from overtime pay from $23,660 to $47,476.
  • The lawsuit filed by Judge Amos Mazzant of the U.S. District Court for the Eastern District of Texas challenges the DOL’s authority to raise the salary threshold.
  • Businesses and employees are in a holding pattern for now.
  • This means that for now, the overtime rule will not take effect as planned on December 1st, so employers may continue to follow the existing overtime regulations. 
  • If you have already provided salary increases to employees to maintain their exempt status, it is recommended you leave your changes in place. This is key to note since the hold on the new FLSA Overtime Rules isn’t permanent.
  • The new FLSA Overtime rule could still be implemented later down the road as the preliminary injunction isn’t permanent.

 

If the new POTUS and Congress work together to limit the rule’s impact, the process could take many months (or even years) to implement. As an employer, you should not assume the overtime rule will be permanently barred. Make sure you have a plan in place to move forward if needed in the future.

 

Read the post here.

Direct Cannabis Network: Let’s Get to Wurk!

Direct Cannabis Network wrote an article about who Wurk is and why you need Wurk.

 

Who is Wurk?

 

Wurk’s platform offers its’ software as a service to help cannabis businesses do everything from background checks of new hires, to managing employees’ schedules, benefits and training, as well as making sure their employees get paid on time. Wurk provides tools to ensure compliance on both a state and federal level for companies looking to structure themselves for the future.

 

Why is Wurk needed?

 

Cannabis is still deemed a Schedule I controlled substance at the federal level, so large banks aren’t permitted to finance (most) cannabis companies. Another reason Wurk is needed for the cannabis industry, is for the fact most cannabis businesses have operated in what many in the community term a “gray area” or “black area” of the industry in which regulations and compliances are loosely followed. Wurk’s platform saves businesses the hassle of organizing themselves internally, by assisting businesses in figuring out internal processes that best fit the company’s structure.

 

Read the entire post.

Dope Magazine: Election Party at SPARC

Wurk was a sponsor of Dope Magazine’s Election Party at SPARC.

 

“Tuesday, November 8th represented a monumental night for many issues, specifically on a state level within the cannabis space as well as across the nation with the presidential election operating in tandem. To ring in the results, DOPE Magazine produced its inaugural event within the Northern California region at dispensary Sparc SF. The evening’s presenters included the world’s cannabis information resource, Leafly, and was supported by sponsors Headset, Hypur, Lola Lola, Poseidon Asset Management, The Legion of Bloom and WURK, all progressive cannabis industry companies.” Read the entire post.