GREENWOOD VILLAGE, Colo., July 28, 2016 /PRNewswire/ -- Cannabase (OTCMKTS:HLIX) , a software and technology platform for the legal cannabis industry, and host of Cannabase Marketplace - the oldest and largest online wholesale cannabis exchange in the legal cannabis industry - announces its partnership with BioTrackTHC, a leading provider of cannabis seed-to-sale inventory tracking software systems for both government regulators and cannabis businesses.
Under this partnership, BioTrackTHC and Cannabase endeavor to integrate their systems and provide a seamless experience for cannabis supply-chain activities. Cannabis businesses using BioTrackTHC's enterprise system will be able to provide real-time confirmation of live inventory data to support the execution of realtime exchange transactions on Cannabase. This unprecedented relationship will solve key structural problems involved in the buying and selling of wholesale cannabis.
BioTrackTHC has been awarded 6 government contracts for regulatory seed-to-sale tracking and serves over 1,800 cannabis businesses that use BioTrackTHC for inventory management and point-of-sale. By connecting its user base to Cannabase's industry leading marketplace, this partnership will vastly accelerate the rate at which wholesale transactions can be completed in the nascent cannabis industry.
As the most mature marketplace in the cannabis industry, Cannabase is uniquely positioned to execute on the live exchange opportunity presented by the partnership with BioTrackTHC. As Patrick Vo, BioTrack's Chief Executive Officer, explains, "Seed-to-sale inventory tracking captures data, and that data is the lynchpin around which products and services can be made to provide even greater value to cannabis businesses. Having the ability to push BioTrackTHC data directly to the Cannabase wholesale exchange, and knowing that data from potential suppliers are also coming directly from their inventory management systems, cannabis businesses will be able to make data-driven wholesale buying and selling decisions efficiently. Cannabase's commitment to excellence mirrors our own, and we are excited to partner with them to create a platform that will support all of our shared customers in making their cannabis businesses more successful."
Currently, self-reporting on user-generated wholesale listings limits the thoroughness, accuracy, and traceability of listings in wholesale cannabis markets. As the wholesale market moves towards real-time, instantaneous execution and real settlement, these limitations will be out of compliance with market norms. By combining BioTrackTHC's large customer base and inventory management data to Cannabase's wholesale exchange, this partnership is poised to vastly accelerate the flow of wholesale product for cultivators, infused product manufacturers, and retailers nationwide.
"This partnership is transformative for cannabis wholesale markets nationwide," explains Jennifer Beck, Cannabase's co-founder and Managing Director. "Our mission is to maximize the capabilities of business owners navigating this complex industry through the development of cutting-edge integrated operating environments, and we are looking forward to partnering with BioTrackTHC in this critical component."
Zachary L. Venegas, CEO of Helix TCS, the parent company of Cannabase, echoed Beck and Vo's comments, stating that "We are proud to work with BioTrackTHC in this important endeavor for the evolution of the wholesale marketplace. As we further unveil the technologies, partnerships, and business lines that we have built, we will continue to provide our clients, partners, and investors with the real benefits that accrue from our focus on strategic innovation realized by rapid, disciplined execution."
The Cannabase Platform was founded in 2013 with the goal of helping to connect the emerging cannabis industry (while collecting the data that drives it). With a suite of tools ranging from advertising services to an integrated dispensary finder and wholesale marketplace, Cannabase's suite of seed-to-sale marketing tools are utilized by over 72% of the cultivators, infused product manufacturers, and retailers in Colorado's licensed cannabis industry. Cannabase, a wholly owned subsidiary of Helix TCS (OTCMKTS:HLIX), will be expanding nationwide in 2016.