Cannabis technology companies BioTrackTHC and Helix TCS, Inc., have announced they will merge – and while they will operate independently, the companies will “rationalize common business functions.”
BioTrackTHC is one of the largest providers of seed-to-sale technology in the cannabis space, providing its software to nine governments, along with inventory management and point-of-sale solutions to more than 2,200 licensed cannabis operators in 29 states and five countries. Helix provides proprietary software to legal canna-businesses and security, including transportation, armed and unarmed guard training, and investigations.
Patrick Vo will continue in his role as CEO of BioTrackTHC, and Zachary L. Venegas will remain as CEO of Helix and become the executive chairman of the board.
“After a very lengthy and competitive process, we have agreed terms with the company and major shareholders, and have signed a definitive agreement, creating the largest ancillary cannabis company in the industry. The combined firm will offer industry-leading services to clients, improving their ability to serve their customers while increasing efficiency and profitability.” – Venegas, in a press release
“We are confident that this merger will enable the combined companies to accelerate growth and thereby enhance the value of our products and services to the customers who rely on us. With the continued expansion and maturation of the cannabis industry, we are in an ideal position to rapidly adapt with the evolving needs of our clients.” – Vo, in a statement
In 2016, Helix acquired the cannabis industry’s oldest electronic marketplace Cannabase. Venegas said the “synergies between Cannabase and BioTrackTHC are significant.”