Marijuana software firm MJ Freeway raises $10 million to invest in new technology

Denver-based MJ Freeway, a point-of-sale system and government traceability software provider for the cannabis industry, has completed a $10 million raise.

According to a news release, the Series C raise – which was oversubscribed – was led by New York-based venture capital firm Batu Capital. Cresco Capital Partners, a Dallas-based marijuana investment firm, also “participated significantly.”

Here’s what you need to know:

• MJ Freeway plans to use the funds for technological build-outs focused on new product features for businesses and governments, according to the release.
• The tech company has clients in 23 states and the District of Columbia in the U.S. as well as Australia, Canada, Europe, South America and Switzerland.
• MJ Freeway provides the seed-to-sale tracking system for Washington state and Pennsylvania.
• Last May, Cresco Capital Partners began a $50 million fund to invest in cannabis companies.