CannaRegs Closes Seed Round To Expand Nationally And Beyond Cannabis

Web-based data technology platform CannaRegs said Tuesday it completed a capital raise that will allow it to expand its services and features across the United States. The company also plans to move outside the cannabis industry and cover other markets.

What Happened

CannaRegs raised $2 million in seed money from Phyto Partners and Panther Opportunity Fund among lead investors and other high profile tech and cannabis VC funds.

The platform will use the funding to provide more information, add new feature, as well as expand nationally. It's available in 12 states, including California, Colorado, Florida, New Jersey, Nevada, Massachusetts, Michigan, Illinois, Ohio, New York, Missouri and Pennsylvania.

Regs Technology, which operates CannaRegs, also plans to expand its platform to cover other industries such as shared transportation, electric and autonomous vehicles and emerging mobile telecom technologies.

Why It's Important

CannaRegs provides users with critical information to make strategic decisions, identify opportunities and remain compliant in the highly-regulated cannabis industry. It's ne of the largest and most trusted resource for cannabis regulatory and policy information, including over 500 users that include cannabis companies, law firms, consultants and real estate professionals.

Regs Technology's first step towards expansion beyond cannabis is to include TransitRegs portal on its platform. The new portal will cover autonomous vehicles, electric cars, charge stations, as well as app-based ride share, scooters, dockless bicycles and robotic deliveries.

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