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Waitr plans to acquire a cannabis dispensary POS company for $90M

Restaurant Dive

Waitr has announced its intention to acquire Cova, a cannabis dispensary point-of-sale company, for $90 million. In a statement, Waitr CEO Carl Grimstad said transactions on the Cova platform could reach approximately $2.3 billion.

This isn’t Waitr’s first play in the cannabis space. In March, the company announced a partnership with Flow Payments to create a compliant marketplace, delivery and payment solution for dispensaries selling cannabis.

The global licensed dispensary sales of cannabis is expected to grow to $40.6 billion by 2024 with a compound annual growth rate of 24%, according to a report from ArcView Market Research and BDS Analytics. The report predicts the U.S. will account for about 73% of that market.