Denver-based MJ Freeway, a cloud-based seed-to-sale cannabis compliance platform, announced that it has raised a $10 million Series C.
The round was led by Batu Capital Investments, a tech-focused multi-family office managed by Emery and Evan Huang. Cresco Capital Partners, a private equity investment firm that invests in the cannabis industry, also participated.
The company claims to have created the cannabis industry’s first enterprise resource planning product. Its cannabis software is built for growing, tracking, manufacturing, and selling medical and recreational cannabis. It serves clients in the US, Australia, Canada, Europe, South America and Switzerland.
“The industry is maturing rapidly and needs software that can handle increasing complexity, with state-of-the-art functionality and data security,” said Jessica Billingsley, Co-Founder & CEO of MJ Freeway, in a statement. “With adult-use permitted in 9 states and medical in 30 states, MJ Freeway is uniquely enabled to support regulation at every level. Indeed, we are — and have been — the backbone upon which the cannabis industry is built. We thank our new and existing investors for realizing the tremendous importance of our enterprise.”
The eight-year-old company will use this latest funding towards building out technology, and introducing new products for businesses and governments.
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