Denver-based cannabis software services and solutions provider to the legal marijuana industry, MJ Freeway, has raised $8 million through a Series B round of fundraising that included Tao Capital Partners and founder of Elevation Partners, Silver Lake Partners and Integral Capital Partners, Roger McNamee, according to a company press release.
Since gaining legal status in select states, the U.S. medical marijuana industry has seen booming growth, and is projected to grow to a value exceeding $35 billion by 2020, according to Bank of America Merrill Lynch. It quickly became apparent to MJ Freeway co-founder, Jessica Billingsley, that a solution was needed to track and manage inventory within the value chain in order to maintain the required transparency within the sector. MJ Freeway developed a patent-pending software platform, applicable throughout the entire value chain from cultivation management to manufacturing, and from inventory tracking on through to point-of-sale. The company also offers consulting services and licensing support to small cannabis businesses.
"The rapid expansion of the legal cannabis market across the U.S. and the world demands intelligent, ahead-of-the-curve technology solutions that are grounded in the unique fundamentals of the cannabis plant and market. We have an amazing team of the smartest minds in the industry, and this investment will allow us to accelerate our next generation features and capabilities, as well as nimbly stay ahead of the needs of cannabis businesses and governments," Amy Poinsett, CEO and Co-Founder, MJ Freeway told Reuters.
The all woman-owned company has grown to become a market leader, serving customers in 23 U.S. states and five countries. The company has been listed in the INC 5000 Fastest Growing Companies in America for 2015, was awarded Entrepreneur Magazine’s 360 Award for Best Entrepreneurial Companies in America, and Ms. Billingsley has been named to Fortune Magazine’s Top 10 Most Promising Women Entrepreneurs, according to Streko and Reuters.