California-based cannabis technology company Blaze Solutions acquired Canada-based dispensary point-of-sale software company Greenline.
Financial terms of the deal were not disclosed.
In a Tuesday news release from the companies, Blaze said the acquisition allows it to “better serve its international clients, while also enabling the company to gain experience operating in Canada’s federally regulated marketplace.”
Albert Kim, CEO of Vancouver, British Columbia-based Greenline, told MJBizDaily that the company’s POS software is being used at a little more than 700 of Canada’s regulated stores.
As of last month, 3,138 marijuana stores were open across Canada, according to Cannabis Benchmarks, an industry data provider, meaning Greenline had more than one-fifth of the market.
“As we move toward a nationwide market in the U.S., (Blaze) wants to have experience in a federally regulated market to better serve our clients when legalization becomes a reality,” CEO Chris Violas said in the release.
Violas said the acquisition is also important to the company’s goal to expand beyond the United States.
“This is the first step in our global plan to become the operating system for cannabis business worldwide.”
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Blaze said its seed-to-sale software enables businesses across the supply chain to automate compliance reporting so companies can operate within local laws and tax requirements.
“Acquiring Greenline adds value to prospective clients by giving them the ability to expand their footprint into the U.S. or Canada using the same software provider,” Violas said.
“This is essential for increasingly sophisticated cannabis retailers in states near the border like Washington, Illinois, Michigan, New York, Massachusetts and Maine.”
Greenline and Blaze will retain their respective C-suite leadership and current organizational structures, the companies said.