DENVER, Jan. 26, 2015 /PRNewswire/ — MJ Freeway®, the industry-leading cannabis business software-as-a-service platform, is pleased to announce an investment from Tao Capital Partners, a San Francisco-based investment firm.
MJ Freeway, the market share leader with clients in 18 states, Washington D.C., Canada, and Europe, has developed patent-pending tracking and reporting systems specifically for the cannabis industry with one goal in mind: to provide accurate, real-time data to cannabis cultivators, infused products manufacturers, and dispensaries, accounting for every gram and every dollar throughout the entire product chain of custody.
"As demonstrated by MJ Freeway's consistent revenue growth and widespread adoption, the Company clearly leads the market in the development and implementation of legal cannabis business solutions," says Joby Pritzker, Managing Director of Investments for Tao Capital Partners.
"The investment by Tao Capital Partners allows us to invest significantly in our infrastructure, positioning our team and underlying architecture so that we are poised to continue our exponential growth while maintaining our highest standards for excellence in service and support," says Jessica Billingsley, co-founder and COO of MJ Freeway.
Joby Pritzker who also serves as Chairman of Marijuana Policy Project, the largest organization in the United States focused on marijuana policy reform, notes, "This investment in MJ Freeway helps validate the legitimacy and growth potential of the nascent cannabis industry. We are delighted to partner with MJ Freeway, the pioneer in promoting regulatory compliance and professionalism within the industry."
Amy Poinsett, co-founder and CEO, adds, "This partnership with Tao Capital Partners provides us with a uniquely qualified investor to help navigate the rapidly evolving landscape while also adding significant resources and capital to expand quickly into new markets and offerings."
With this minority investment, Matt Bigliardi, Director of Investments for Tao Capital Partners, joins the MJ Freeway Board of Directors. Further financial terms of this investment have not been disclosed.
About Tao Capital Partners:
Tao Capital Partners invests in technology, alternative energy, healthcare, and real estate businesses that have a sustainable positive impact. Tao is an active investor with the ability to support companies through various stages of their life-cycle. For more information, please visit taocap.com.
About MJ Freeway:
MJ Freeway is the industry-leading software solution for marijuana businesses, with clients in 18 states, the District of Columbia, Canada, and Europe. Founded in 2010 by a team of career software and IT professionals, the product suite is designed and built from the ground-up specifically for cannabis businesses. MJ Freeway's tracking software includes patent-pending inventory control and grow management applications to streamline workflow and increase efficiency. MJ Freeway also offers SuccessMap™, a complete suite of professional services for cannabis businesses. For more information, call 888-932-6537 or visit mjfreeway.com.
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