MJ Freeway, the company which invented seed-to-sale technology and has the cannabis industry’s first enterprise resource planning product, completed a $10 million oversubscribed Series C financing. The round was led by Batu Capital Investments, a tech-focused multi-family office managed by Emery and Evan Huang. Cresco Capital Partners, a private equity investment firm dedicated to investing in the cannabis industry, also participated significantly.
“The industry is maturing rapidly and needs software that can handle increasing complexity, with state-of-the-art functionality and data security,” said Jessica Billingsley, Co-Founder & CEO of MJ Freeway. “With adult-use permitted in 9 states and medical in 30 states, MJ Freeway is uniquely enabled to support regulation at every level. Indeed, we are — and have been — the backbone upon which the cannabis industry is built. We thank our new and existing investors for realizing the tremendous importance of our enterprise.”
MJ Freeway has tracked more than $10B in cannabis sales with clients in Australia, Canada, Europe, South America, Switzerland, and the United States in 23 states and the District of Columbia. MJ Freeway’s Leaf Data Systems software solution enables governments to track cannabis plants from seed-to-sale and ensure patient, public, and product safety. The company has had a difficult year as it has been forced to navigate software hacks that it believes has been at the hands of competitors. Still, MJ Freeway has continued to push ahead and defy its critics by signing more customers.
“MJ Freeway’s technology is vastly superior to other offerings in the marketplace. It supports the full range of cannabis business operations – from cultivation to manufacturing to dispensary – with the industry’s first fully-integrated enterprise resource planning (ERP) product, MJ Platform,” said Emery Huang, Senior Partner of Batu Capital. “We believe MJ Freeway is the market innovator and will maintain its market dominance through a clear technological edge over the competition.”
“Cresco Capital Partners has made significant investments in the cannabis space since 2015, and we believe MJ Freeway is the clear leader in the cannabis supply chain management SaaS market, positioned for dominance,” said Matt Hawkins, Managing Principal at Cresco Capital Partners. “The company’s innovative product line and experienced management team led to our decision to invest in MJ Freeway’s unparalleled tech platform.”