DENVER, Sept. 20, 2018 /PRNewswire/ -- MJ Freeway, the company which invented seed-to-sale technology and has the cannabis industry's first enterprise resource planning product, announced the completion of its $10 million oversubscribed Series C financing. The financing, which will accelerate MJ Freeway's growth in advanced technological build-outs, centered around increasing new product features for businesses and governments. The round was led by Batu Capital Investments, a tech-focused multi-family office managed by Emery and Evan Huang. Cresco Capital Partners, a private equity investment firm dedicated to investing in the cannabis industry, also participated significantly.
"The industry is maturing rapidly and needs software that can handle increasing complexity, with state-of-the art functionality and data security," said Jessica Billingsley, Co-Founder & CEO of MJ Freeway. "With adult-use permitted in 9 states and medical in 30 states, MJ Freeway is uniquely enabled to support regulation at every level. Indeed, we are -- and have been -- the backbone upon which the cannabis industry is built. We thank our new and existing investors for realizing the tremendous importance of our enterprise."
"MJ Freeway's technology is vastly superior to other offerings in the marketplace. It supports the full range of cannabis business operations – from cultivation to manufacturing to dispensary – with the industry's first fully-integrated enterprise resource planning (ERP) product, MJ Platform," said Emery Huang, Senior Partner of Batu Capital. "We believe MJ Freeway is the market innovator and will maintain its market dominance through a clear technological edge over the competition."
"Cresco Capital Partners has made significant investments in the cannabis space since 2015, and we believe MJ Freeway is the clear leader in the cannabis supply chain management SaaS market, positioned for dominance," said Matt Hawkins, Managing Principal at Cresco Capital Partners. "The company's innovative product line and experienced management team led to our decision to invest in MJ Freeway's unparalleled tech platform."
About MJ Freeway
MJ Freeway® is the largest global cannabis technology company having tracked more than $10B in sales with clients in Australia, Canada, Europe, South America, Switzerland, and the United States in 23 states and the District of Columbia. Founded in 2010 by technologists creating tech specifically for cannabis businesses, MJ Freeway's tracking software includes patent-pending inventory control and grow management applications to streamline workflow and increase efficiency. MJ Freeway's Leaf Data Systems software solution enables governments to track cannabis plants from seed-to-sale and ensure patient, public, and product safety. MJ Freeway also offers a complete suite of professional consulting services for cannabis businesses. For more information, visit mjfreeway.com.
About Batu Capital
Batu Capital is a multi-family office managed by Emery and Evan Huang. We look for opportunities in cryptocurrency, cannabis, and big data that constitute either game-changing technologies or are late-stage/pre-IPO enterprises that have built wide economic moats.
About Cresco Capital Partners
Cresco Capital Partners is a private equity firm that is focused on investing exclusively in the legalized cannabis space. The firm has deployed over $25MM in the industry since 2015 and is currently raising their second fund. Fund II has made six (6) investments thus far and will close its raise at $50 million. Led by an experienced team of private equity professionals, the firm's principals have over 20 years of investment experience collectively within the legalized cannabis industry.
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SOURCE MJ Freeway