(This story and headline have been updated to reflect that the grant was for 1.08 million Canadian dollars.)
Cannabis technology company GrowerIQ received a grant worth 1.08 million Canadian dollars ($790,000) to enhance its cannabis tracking system and broaden its reach as a global player in the industry.
The project is being funded by the Canadian government through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
The funding was provided to GrowerIQ to “accelerate the commercialization of the company’s cannabis compliance and management platform and expand into global markets,” according to the government’s website.
The funding was provided via the Business Scale-up and Productivity (BSUP) program.
The program’s purpose is to accelerate the growth of businesses “and assist with the adoption and adaptation of new, innovative technologies that support scale-up, productivity, development of and entry into new markets to help companies become globally competitive.”
In a news release, the company said the recent funding round boosts total investment, which includes a previously oversubscribed seed round.
“This investment will allow us to further develop our cutting-edge technology and expand our global footprint,” CEO Andrew Wilson said in a statement.
“We are committed to providing cannabis producers with the tools they need to succeed in an increasingly competitive market.”
In July, Barbados selected the Canadian technology company to manage the tracking and reporting of all cannabis production on the island nation for the next five years.