Cannabis Software And Consulting Leader MJ Freeway Closes $3 Million In Series B Extension Investment

COLORADO: MJ Freeway, a leading provider of business management solutions and consulting services for the cannabis industry, has announced $3 million in Series B extension financing raised from existing investors. MJ Freeway received new investments from existing investors Roger McNamee and Tao Capital Partners. With the unprecedented growth of the cannabis market, the company will use this funding to invest in continued market expansion.

In 2016, the medical and recreational marijuana industry saw tremendous growth with sweeping votes for cannabis across the US and the world. According to a recent report from Arcview Market Research, America’s marijuana industry is expected to reach $22.5 billion by 2021. As the inventors of patented seed-to-sale tracking software, the company sees the investment as an opportunity to continue to effectively support this growing industry.

“MJ Freeway has been the leader in business management solutions catering to the needs of this unique market for seven years,” said Roger McNamee. “The new Platform product is a game changer that will enable the industry and regulators to succeed as the industry grows and becomes mainstream.”

“Even industry insiders could not predict the success cannabis saw during the 2016 ballot as nine states weighed in on marijuana reform. With the expectation that the cannabis market is set to more than double by 2018, we chose to invest additional capital with MJ Freeway,” said Joby Pritzker, Managing Director of Tao Capital Partners and Chairman of the Marijuana Policy Project, the largest organization in the United States focused on marijuana policy reform.

“We are grateful for the partnership we’ve developed with Roger McNamee and Tao Capital Partners. It’s thrilling to have received this funding from such experienced, forward-thinking investors who continue to help strategically advise our position in the market,” said Jessica Billingsley, COO and Co-Founder of MJ Freeway.

With the recent launch of MJ Freeway’s new enterprise level traceability and business management software, the company has seen a tremendous surge in sales. Adds Amy Poinsett, CEO and Co-Founder, “The response to MJ Platform, our enterprise resource management software, has been very positive. This solution, specifically designed to ease the compliance and business management aspects for cannabis operators, is revolutionizing the space and this funding will enable us to meet the demand.”

The extension financing marks a total of $11 million raised in MJ Freeway’s Series B investment round.

Labor Day Sales For Marijuana To Trend High As Summer Comes To A Close

COLORADO: Like the cannabis holiday on April 20th (4-20) and the Fourth of July,Labor Day marks one of the highest grossing sales days in the cannabis industry. Once again, MJ Freeway takes a look at holiday trends in the cannabis market and gives some advice for what retailers can do to prepare for higher foot traffic in the coming weekend.

MJ Freeway’s retail data set, which accounts for 40% of the legal cannabis market and includes nearly $5 billion in retail sales transactions, helps businesses across the industry understand everything from sales cycles to inventory management and more.

“Cannabis is a young industry and it’s important to track trends early and often, which is why we’ve made it a priority to provide businesses with a full picture of high-volume sales days,” said Amy Poinsett, CEO of MJ Freeway. “The more we understand about the industry as a whole, the better we are able to provide our clients with solutions that they need for smooth and efficient business practices.”

Labor Day by the Numbers

  • In 2015, total cannabis retail sales exceeded $32M on Labor Day weekend (Sept 3-6, 2015), which represents a 43% daily increase from an average sales day.
  • In 2016, we expect Labor Day weekend retail sales (Sept 1-4) to reach $41M
  • Sales spikes begin the Thursday before Labor Day with Friday being the highest grossing sales day.
  • In 2015, individual cannabis licensed retail locations* – dispensaries and delivery services – sold on average $5,694 in retail sales on September 3$7,266 on September 4$5,985 on September 5, and$5,100 on September 6 in 2015, the four days of Labor Day weekend.
    *Note: One physical cannabis retail location may operate with two individual licenses – medical and recreational.
  • Customer traffic increased on average by 20% during Sept 3-6, 2015 as compared to a non-holiday sales day.
  • Individual customers spent on average $69.14 per trip Labor Day weekend 2015, a rise of 3% compared to customers visiting retail locations on an average day.

MJ Freeway And Cannabase Announce Exclusive Integration Partnership

COLORADO: Online wholesale cannabis exchange Cannabase has formed a strategic integration partnership with seed-to-sale software giant MJ Freeway.  The partnership paves the way for a live cannabis exchange marketplace powered by MJ Freeway’s seed-to-sale – specifically price and inventory – data. Cannabis retailers and cultivators will find key challenges solved in the integration of MJ Freeway’s live data, including:

  • Streamlined buying and selling transactions to deliver real-time instantaneous execution and real settlement
  • Improved product and price transparency
  • Increased opportunities and prospects for sourcing and selling

Today, user-generated listings limit the thoroughness, accuracy, and traceability of listings in wholesale cannabis markets. However, with this partnership, MJ Freeway will exclusively provide Cannabase real-time confirmation of live inventory data to support the execution of exchange transactions for their joint customers. Cannabase’s feature-rich, proprietary platform will utilize this data in a live exchange format that will continue leading the evolution of the cannabis wholesale market.

“This partnership will greatly enhance the capabilities of MJ Freeway and Cannabase users nationwide,” explains Jennifer Beck, Cannabase’s co-founder and Managing Director. “Our mission is to provide the most cutting edge, compliant technology solutions in the market, and look forward to partnering with MJ Freeway in this next iteration of the wholesale marketplace.”

With MJ Freeway’s market representation over 40% in 23 states nationwide, this partnership is poised to vastly accelerate the flow of wholesale product for cultivators, infused product manufacturers, and retailers nationwide.

Amy Poinsett, the Co-founder and CEO of MJ Freeway stated, “Our goal is to improve the performance and profitability of cannabis businesses. MJ Freeway’s integration with Cannabase will bring solutions that automate the cannabis wholesale exchange improving the speed and transparency of transactions today and creating a national network of buyers and sellers that can be quickly and compliantly united when the federal landscape changes.”

Zachary L. Venegas, CEO of Helix TCS, the parent company of Cannabase, echoed Poinsett’s comments, stating that “As we further unveil the technologies, partnerships, and business lines that we have built, we will continue to provide our clients, partners, and investors with the real benefits that accrue from our focus on strategic innovation realized by rapid, disciplined execution.”

MJ Freeway Business Solutions for the Cannabis Industry Launches New Website

COLORADO: MJ Freeway, the industry-leading cannabis business software platform today announced the launch of a new e-commerce website detailing the company’s products, services, and solutions for marijuana retailers, infused product manufacturers, cultivators, and industry professionals.

The website offers clear, organized, and detailed information regarding each of MJ Freeway’s products: GrowTracker®, GramTracker®, and MixTracker™. Visitors can stream overview videos, recorded demonstrations, and interact with the cannabis regulations guide, which provides geographic specifics for marijuana law.

With a legible, modern design, easy-to-navigate functionality, and rich content, the new e-commerce platform allows customers to discover product features and complete the checkout process efficiently. According to Heather Smyth, Digital Marketing Manager of MJ Freeway, the new website is closely aligned with the company’s strategic vision for providing a full seed-to-sale solution for cannabis businesses.

“Our goal in launching this new website is to provide an online resource for companies and individuals to learn more about our product solutions, as well as gain valuable information about the industry,” Smyth said. “We also wanted to clearly depict how our software packages and suite of professional services help streamline workflow and increase business efficiency.”

As part of the new website launch, MJ Freeway is offering one free day of an in-person Training Lab with the purchase of a Pro or Elite package, a $300 value.  Training Labs provide users with high-level instruction of the MJ Freeway software and give valuable tools for effective management. This offer is valid through December 31.

“We’re very excited about the launch of the new website, and hope that it will provide visitors with an informative and useful way to learn more about MJ Freeway and the cannabis industry.”