A deal announced in March to merge two of the bigger ancillary cannabis companies in the United States closed Friday, with Colorado-based Helix TCS acquiring Florida-based BioTrackTHC.
Though terms of the deal were not disclosed, BioTrack shareholders will own 48% of Helix TCS, according to financial documents filed with the Securities and Exchange Commission in March.
Helix CEO Zachary Venegas will remain in his position and become executive chairman of the combined firm, while BioTrackTHC CEO Patrick Vo will continue to serve as his company’s chief executive, according to a news release.
Helix is involved in marijuana security services, banking-related consulting and logistical support; BioTrackTHC is a leading provider of cannabis seed-to-sale tracking software.
Helix said the combined revenue of the companies was $12 million in 2017, according to the release. It expects the BioTrackTHC acquisition will “add scale” and boost total revenue to $15 million, also according to SEC documents.
Helix TCS – a public company that trades on over-the-counter markets under the ticker symbol HLIX – added online wholesale platform Cannabase to its portfolio in 2016.