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MJ Freeway, often considered the inventor of the seed-to-sale technology that has become standard in the marijuana industry, announced Thursday that it has closed on a $10-million Series C financing round.
The oversubscribed round was led by Emery and Evan Huang’s multifamily office Batu Capital Investments, with a significant investment from the private equity cannabis fund Cresco Capital Partners.
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The capital injection will help pay for the build-out of MJ Freeway's tech platforms, the company said, with a focus on expanding features for both marijuana businesses and government agencies.
MJ Freeway co-founder and CEO Jessica Billingsley said the rapidly maturing cannabis industry needs software with state-of-the-art functionality and data security.
“With rapidly expanding legalization globally, MJ Freeway is uniquely enabled to support businesses at every level. Indeed, we are — and have been — the backbone upon which the cannabis industry is built," she said. "With this funding, we will accelerate new feature releases for businesses and governments and deliver the most technologically advanced experience on the only full-vertical cannabis supply chain platform."
In Billingsley’s view, enterprise cannabis businesses of the likes of Canopy Growth Corp (NYSE:CGC) or Tilray Inc (NASDAQ:TLRY) need a solution that matches their scale and sophistication.
“This funding enables MJ Freeway to deliver more functionality that serves the needs of the world’s best cannabis businesses. We’re especially excited about features that provide more data intelligence to business decision makers and features that connect businesses so commerce and communication between companies moves at the same speed as the cannabis markets," the CEO said.
MJ Freeway has tracked more than $10 billion in cannabis sales to date. Its software has reached all corners of the earth, with clients in Australia, Canada, Europe, South America, Switzerland and the United States.
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Picture by Javier Hasse.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.