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Simplifya Closes $1.5M In Oversubscribed Investment Round

April 28, 2020 1:50 pm
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Simplifya Closes $1.5M In Oversubscribed Investment Round

Simplifya, a software firm helping cannabis business become legally compliant, closed $1.5 million in financing.

The Denver-based compliance technology company will land another $1 million in the following month due to interest from investors, as part of an expanded over-subscribed bridge round.

Over the last year, Simplifya practically doubled its client base and revenue, while teaming up with cannabis industry leaders such as Akerna (NASDAQ:KERN).

The software-developer underlines the significance of compliance and risk mitigation in the cannabis industry, especially during the COVID-19 pandemic, when regulatory measures relating to sales, delivery, and distributions are prone to change.

Simplifya Verified, the company’s newest product, is a search engine intended to provide businesses with a verification system of cannabis licenses in markets in both the USA and Canada.

For now, the company’s core operational compliance product is available in 18 states, and it offers self-audit checklists, an online "Smart Cabinet" document storage system, and SOP templates customized by license type and bounded to the state regulations.

“At the rate and pace at which we are growing, it is our hope that Simplifya will someday serve as the nucleus for compliance and risk mitigation standards and services for the cannabis industry,” Simplifya CEO Marion Mariathasan said in a statement.

Compliance is in the essence of the cannabis industry’s expansion, and legitimacy, he added.

Related Links:

How Simplifya Verified Will Help Cannabis Businesses Make Verifying Licenses Easier

Simplifya's CEO On The Crucial Need For Cannabis RegTech In A Shaky Economy

Photo courtesy of Simplifya


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