In a rare move, a cannabis company has received a substantial financial investment to begin pursuing opportunities outside of the marijuana industry.
CannaRegs announced that they closed a $2 million round of investment. CannaRegs is a data platform that allows cannabis businesses to access legal information, such as rules and regulations, they need from local, state and federal governments. The platform is used by cannabis businesses, lawyers, even governments to keep track of all the conflicting and confusing laws surrounding the marijuana industry.
With this new round of investment, CannaRegs (well, technically their parent company RegsTech) will begin expanding their services to other industries, not just cannabis. While they did not specify what industries they were targeting, they said they believe their technology will be invaluable to any number of sectors.
CannaRegs is the first time that a legal software to track local laws from all over the country, and any industry that also requires strict regulations in a similar way as marijuana businesses will find a use in the software.
So technically calling CannaRegs a "cannabis company" would be like calling Microsoft a "Word Document company" since there is more they can offer besides strictly cannabis-related information.