Cannabis tech company Cannaregs, Inc. has completed a $2 million capital raise that the company will use to expand services and features across the country under the company’s umbrella of Regs Technology. Cannaregs is the leading web-based data technology platform providing up-to-date access to comprehensive cannabis-related legal data including rules and regulations from municipal, county, state and federal sources.
In other words, the company has solved for something that many have tried to do and been unsuccessful, which is drilling down to the local level on regulations. It’s a subscription-based service that many cannabis operators, law firms, investors, real estate professionals, consultants, and governments have used to track cannabis regulation and policy, in real-time, providing users with critical information they need to make strategic business decisions. For more information visit www.cannaregs.com.
“We’ve built a terrific set of advanced data services for our CannaRegs subscribers and are proud to be working with the best companies in the cannabis industry,” explained Founder and CEO Amanda Ostrowitz. “With this infusion of capital, we’re confident that we will take RegsTech to the next level.”
Ostrowitz has identified other industries that would be affected by local level regulations and laws similar to cannabis. Self-driving cars, drones, robotic deliveries, ride-share businesses, dockless bikes, and scooters. Even electric vehicles and charging stations could be subjected to various municipality requirements. The next portal on the horizon for RegTech is TransitRegs.
Lead investors include Phyto Partners and Panther Opportunity Fund along with other high profile tech and cannabis VC investment. “By simplifying local legal search, Cannaregs helps all industry participants understand and comply with the laws saving time money and potential regulatory scrutiny,” said Larry Schnurmacher managing partner of Phyto. “As the cannabis economy continues to expand to more states, the need for this type of legal resource grows and we think cannaregs will capture that market.”
Jordan Tritt, Principal at Panther Opportunity Fund added, “We are excited to be investing in RegsTechafter following Amanda Ostrowitz over the last two years and seeing her grow her team and company to be the leading provider of local compliance and regulatory tracking software. Amanda and her team are very well respected among cannabis operators, consultants and government entities, and this capital raise will allow RegsTech to expand its reach within the cannabis industry as well as other highly regulated and localized industries.”
CannaRegs currently provides comprehensive cannabis laws for the states of California, Colorado, Florida, New Jersey, Nevada, Massachusetts, Michigan, Illinois, Ohio, New York, Missouri, and Pennsylvania to be followed by all other states that permit medical and/or recreational marijuana.