Cannabis investors are still writing checks despite the ongoing bear market for the industry. Although it does seem like the bulk of that money is shifting towards software brands. The latest company to announce a successful fundraising campaign is Simplifya.
This company closed on $1.5 million of its currently over-subscribed bridge round and the company said it expects to close an additional $1 million as part of the expanded round in the next 30-45 days. Simplifya is a provider of regulatory and operational compliance software for the cannabis industry.
“We have been incredibly fortunate to have investors and a board of directors who understand the value of compliance, and the need for risk mitigation in this industry,” said Marion Mariathasan, Simplifya CEO. “Their support, combined with the passion of our team, is what has allowed us to build and innovate the type of content-driven compliance technology that we are bringing to the industry on an enterprise-level.”
Certainly one of the reasons investors felt secure enough to jump in is that over the past year Simplifya’s client base and revenue have nearly doubled. The company continues to diversify its core product offerings to help streamline and manage operational compliance, and establish channel partnerships and collaborations, such as the collaboration announced on April 6, 2020, with industry leader Akerna (Nasdaq: KERN). Simplifya also works with major channel partners, industry associations, financial institutions, and insurance companies as it pushes for more awareness around the critical importance of compliance and risk mitigation.
“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,” continued Mariathasan. “We know that compliance will be critical to the expansion and legitimacy of the cannabis industry as it continues to grow, and we are proud to do our part to support it.”
What They Do
Cannabis compliance and risk mitigation can often be hard to understand in a practical manner as to what exactly are the nuts and bolts of staying within the rules and regulations. One example is Simplifya Verified which is a fast, easy-to-use search engine that provides all of the data points needed for cannabis license verification, taking the guesswork out of business transactions and delivering ancillary service companies, like insurance providers and financial institutions. The products are available in 18 states, with key features that include straightforward self-audit checklists, SOP templates customized by license type and tied directly to the state regulations, and an online Smart Cabinet document storage system.