The marijuana industry has taken yet another step towards legitimacy, as investment firm Tao Capital Partners announced on Monday that they are now funding cannabis business software company MJ Freeway.
MJ Freeway provides seed-to-sale tracking software that takes inventory of every plant, gram, and dollar involved in a cannabis business.
“As demonstrated by MJ Freeway’s consistent revenue growth and widespread adoption, the company clearly leads the market in the development and implementation of legal cannabis business solutions,” said Joby Pritzker, Tao Capital’s Managing Director of Investments, in a press release.
The behemoth Tao Capital Partners also boasts investments in other successful mainstream companies such as Elon Musk’s electric vehicle manufacturer Tesla and space travel company SpaceX.
This news comes merely weeks after venture capitalist Peter Thiel and his Founders Fund injected a multimillion-dollar investment into equity firm Privateer Holdings, which specializes in marijuana-related businesses. Like Tao, Thiel’s Founders Fund also boasts major investments in non-cannabis companies like Airbnb, Lyft, and Spotify.
“This investment in MJ Freeway helps validate the legitimacy and growth potential of the nascent cannabis industry. We are delighted to partner with MJ Freeway, the pioneer in promoting regulatory compliance and professionalism within the industry,” said Pritzker, who also happens to serve as chairman for the Marijuana Policy Project.