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 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.
With the rise of adult use cannabis, experts see medical marijuana dominated by two distinct markets.