Marijuana tech company MJ Freeway nets $3M in financing

A day after winning Pennsylvania’s medical marijuana seed-to-sale tracking contract, MJ Freeway said Friday it has received $3 million in Series B extension financing.

The financing – which comes from existing investors Tao Capital Partners, based in San Francisco, and venture capitalist Roger McNamee – brings to $11 million the amount of money Denver-based MJ Freeway has raised in its Series B round, according to a news release.

The money will fund market expansion, the company said.

On Thursday,  the Pennsylvania Department of Health announced a five-year, $10 million deal in which MJ Freeway will supply seed-to-sale software to monitor the state’s pending MMJ program.

The back-to-back announcements are a sign that MJ Freeway has regained its footing after a systems crash in January affected hundreds of cannabis retailers. The company has attributed the incident to a hack.

4 comments on “Marijuana tech company MJ Freeway nets $3M in financing
  1. Jane on

    I would love to know how announcements of their state system, which is a separate service/platform than their dispensary one, is any grounds to say that they have regained their footing? As far as I know, us cannabis retailers are STILL affected by the crash.

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  2. Mickey on

    we’re STILL waiting for our data…4 months later…and good luck reaching anybody at their help desk/customer service, and if you do get someone, no one will commit to ANYTHING….

    Reply
  3. Andrew Collier on

    Didn’t they have a breach of user data for the govt seed to sale tracking system in NV too? An article I read said the breach exposed socials and other info of mmj business owners in the state. Good job keeping up on that one journalists. This deal shows how much dd these “investors” have actually done. Easy money policy, incompetent analysts, and some short sighted business people, this will end badly most likely. Doubt they truly want to see this company for what it is. Need to find the greater fool. In the short run markets are voting machines, long run they are weighing machines.

    Reply
  4. Peggy on

    An MJ operation was recently audited by the NV Dept of Taxation and what a fiasco it was trying to get accurate and complete reports, which was never accomplished through MJFreeway, in spite of the Dept of Taxation meeting with MJFreeway face-to-face! MJFreeway promised reports, but after months, could not furnish them . There are still no reports available from Nov & Dec 2016! Before they think about expanding (the chaos), I suggest MJFreeway do a ton of in-house-cleaning first! Other State Auditors who audited MJ Operations that do not use MJFreeway, have not had all these problems!

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