Denver – April 23, 2020 – Simplifya, the leading provider of regulatory and operational compliance software for the cannabis industry, announced today that it has closed $1.5 million of its currently over-subscribed bridge round. Based on strong interest and preliminary commitments, Simplifya expects to close an additional $1 million as part of the expanded round in the next 30-45 days.
At a time when investment and deal-making in the cannabis industry have seen a sharp downturn, Simplifya’s ability to close on funding is a significant demonstration of confidence by both new and existing investors. Over the course of 2019, Simplifya’s client base and revenue have nearly doubled. The company continues to diversify its core product offerings to help streamline and manage operational compliance, and establish channel partnerships and collaborations, such as the collaboration announced on April 6, 2020, with industry leader Akerna (Nasdaq: KERN), developer of the cannabis industry’s first seed-to-sale enterprise resource planning (ERP) software technology (MJ Platform®). Simplifya’s ongoing conversations with major channel partners, industry associations, financial institutions, and insurance companies continue to drive awareness around the critical importance of compliance and risk mitigation to an industry as challenging as cannabis.
Simplifya’s newest product, Simplifya Verified has been designed to provide businesses with an independent verification system of cannabis licenses in markets across the country and in Canada. Simplifya Verified is a fast, easy-to-use search engine that provides all of the data points needed for cannabis license verification, taking the guesswork out of business transactions and delivering ancillary service companies, like insurance providers and financial institutions, a much-needed risk management and mitigation tool.
“We have been incredibly fortunate to have investors and a board of directors who understand the value of compliance, and the need for risk mitigation in this industry,” said Marion Mariathasan, Simplifya CEO. “Their support, combined with the passion of our team, is what has allowed us to build and innovate the type of content-driven compliance technology that we are bringing to the industry on an enterprise-level.”
While cannabis has been deemed an essential business during the COVID-19 pandemic, operators are still faced with ever-changing regulatory challenges related to sales, delivery, and distribution. Compliance, especially during this time, remains a critical component of success and survival; Simplifya’s regulatory content and easy-to-use interface enable licensed operators to manage and maintain compliance in an efficient and effective manner.
Simplifya’s core operational compliance product takes the guesswork out of the confusing and continually changing regulations for licensed operators. Currently available in 18 states, key features include straightforward self-audit checklists, SOP templates customized by license type and tied directly to the state regulations, and an online Smart Cabinet document storage system.
“At the rate and pace at which we are growing, it is our hope that Simplifya will someday serve as the nucleus for compliance and risk mitigation standards and services for the cannabis industry,” continued Mariathasan. “We know that compliance will be critical to the expansion and legitimacy of the cannabis industry as it continues to grow, and we are proud to do our part to support it.”
Simplifya is the nation’s leading regulatory and operational compliance tool for the cannabis industry, empowering small and large businesses to proactively manage compliance tasks across all facilities and license types. Simplifya’s web-based self-auditing system distills complex state and local regulations into a series of simple yes-or-no questions to facilitate self-audits, identify areas of non-compliance, manage remediation efforts, and generate management and audit reports. Simplifya’s SOP feature automates the assignment, tracking, and versioning of standard operating procedures, while its Smart Cabinet digital filing system houses all of a business’s required compliance and operational documents in one place. For more information, visit www.simplifya.com.