A Denver-based software developer called MJ Freeway just raised $8 million from 13 investors, according to SEC documents the company filed this week.
While this may not sound like very interesting news on the surface, this is actually a significant development because MJ Freeway isn’t just any old software developer—it creates software exclusively for the cannabis industry.
According to the company’s website, MJ Freeway creates “seed-to-sale tracking software that manages every plant, gram, and dollar, saving you time and money.”
“Founded in 2010 by a team of career software and IT professionals, our industry-leading technology provides patent-pending inventory control and grow management applications, with unlimited remote technical support.”
So far, the company has developed three primary apps for cannabis companies: GrowTracker helps growers monitor and track their cannabis crops from seed to harvest.
MixTracker provides tools for monitoring the entire “manufacturing process for marijuana products, such as edibles, concentrates, and extracts.” And GramTracker gives sellers “customized inventory tracking tools” for keeping track of “every gram and every dollar” exchanged.
MJ Freeway’s success is the latest example of just how powerful and profitable the growing cannabis industry is becoming—and not just for those directly involved with actually growing, distributing, and selling bud.
The cannabis industry is such a potentially huge sector that it’s already generating huge amounts of activity and interest in a number of other indirectly related fields.
Earlier this month, for example, a leaked Merrill Lynch report excitedly talked about the potential for growth and investment in companies that manufacture the lab testing equipment used in mandatory pot screening processes.
And in an interview with The Huffington Post, cannabis industry legend Nicole Smith—the founder and CEO of Mary’s Medicinals and back to back winner of the Cannabis Business Award for “Most Innovative Product”—predicted that the cannabis industry is on track for some serious growth in 2016:
“Everyone abhors the possibility of ‘Monsanto Marijuana,’ but major corporations and investment firms will inevitably find ways to get into the industry. For better or for worse, the industry is going to mature very quickly,” she said.
“There are investors clamoring to ‘get on board.'”
“It’s a free country with a free market but, as with any product, an educated consumer is key. The cannabis consumer is very sophisticated, for the most part, and this will, I think, help avoid the ‘Monsanto Marijuana.'”
(Photo Credit: cnbc.com)