On January 26th, MJ Freeway announced that they have received an investment from Tao Capital Partners. The terms of the deal, however, were not disclosed.
Tao Capital Partners is a Venture Capital firm that is based out of San Francisco. The company is focused on making investments in technology, alternative energy, healthcare, and real estate. Tao is an active investor that has the ability to support companies throughout their life-cycle. Some notable investments that Tao has made include: Tesla, SpaceX, Uber, and now MJ Freeway.
What is MJ Freeway?
MJ Freeway is “the industry-leading cannabis business software-as-a-service platform, [MJ Freeway] makes running a cannabis business easy with seed-to-sale tracking software that manages every plant, gram and dollar, saving you time and money.” MJ Freeway has clients in 18 states, Washington D.C., Canada, and Europe. They currently have a patent pending on their technology with the objective of “providing accurate, real-time data to cannabis cultivators, infused products manufacturers, and dispensaries, accounting for every gram and every dollar throughout the entire product chain of custody.” With the investment, MJ Freeway is looking to invest in their infrastructure and continue building a leading team in the industry.
On MJFreeway.com’s investor relations page, the company says “MJ Freeway is a private company whose stock is not publicly traded at the present time. Please check back often for updates on MJ Freeway’s plans to become a publicly traded company.” It would reasonable to assume that an IPO is on its way; this is definitely a company that investors should put on their watch list.
While everyone may think that a marijuana grower may be the way to invest in cannabis, just remember that during the gold rush the picks and shovel companies did the best. MJ Freeway has the ability to be a part of the whole entire supply chain making this company levered to the entire industry.
Attracting Talented Investors
Another investor in MJ Freeway is Adam Wiggins, who sold his software-as-a-service company, Heroku, to Salesforce.com for $250 million. For someone who was successful in the software-as-a-service industry to invest in this company speaks highly of MJ Freeway’s product and service offerings. The future looks bright for this company and industry as people begin to see the marijuana industry operate like any other industry. We will continue to post updates on any pertinent news on MJ Freeway.