CannaRegs looks beyond marijuana industry with $2 million capital raise

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Contrary to the trend of mainstream companies reaching into the marijuana industry, a firm founded to serve cannabis clients is expanding into traditional technology services for businesses that have nothing to do with the plant.

Denver-based CannaRegs said in a news release it has raised $2 million from investors to launch Regs Technology, which will offer services to “other highly regulated hyper-local industries like shared transportation, electric and autonomous vehicles and emerging mobile telecom technologies.”

Investors who participated in the raise include Phyto Partners and Panther Opportunity Fund.

CannaRegs currently provides an online subscription platform that specializes in helping MJ businesses navigate industry regulations in 12 U.S. states.

Regs Technology is already developing TransitRegs, which will track regulations for “autonomous vehicles, electric vehicles and charge stations, app-based ride share, scooters, dockless bicycles and robotic deliveries,” according to the release.

CannaRegs was founded by CEO Amanda Ostrowitz, a former regulator at the Federal Reserve Bank of Kansas City.

The company was targeted for acquisition in 2017 by cannabis-centric social media platform MassRoots, but the deal fell through.