Get breaking news alerts via email

Click here to manage your alerts
Marijuana firms form investment network for pot-related startups

< Previous Page

The firm provides software to businesses for tracking every gram of marijuana from cultivation facility to retail sale. It also helps companies maintain compliance with state regulations.

"It was not easy at all to get started," said co-founder Jessica Billingsley. "We were bootstrapped, self-funded. There were a number of times when we had to double down on our investment."

Join the Discussion
Post a Comment

Like Canna Security, MJ Freeway has no physical contact with marijuana.

"We thought that as software providers, we wouldn’t face this degree of (financing) challenges," said co-founder Amy Poinsett.

But now, after three years of operations, MJ Freeway is profitable and growing, with hundreds of clients in 12 states, Washington, D.C., and Canada. Its 2013 revenue is projected at between $1 million and $2 million.

The partners last year had attended ArcView meetings to raise money. This year, they’re sitting on the other side of the table as prospective investors. Although they haven’t yet invested, they discovered two pitching companies that could be candidates for investment or creation of joint ventures.

Investors say they are pleased that the marijuana industry is moving from niche status to the economic mainstream.

"When you invest in cannabis," Keber said, "you invest in America."

sraabe@denverpost.com or twitter.com/steveraabedp

Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Top Reader Comments Read All Comments Post a Comment
Click here to read all comments   Click here to post a comment

About Reader Comments

Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
Staying Connected
Contests and Promotions
  • Search Obituaries
  • Place an Obituary

  • Search Cars
  • Search Homes
  • Search Jobs
  • Search Marketplace
  • Search Legal Notices

  • Other Services
  • Advertise With Us
  • Subscribe to the Newspaper
  • Access your e-Edition
  • Frequently Asked Questions
  • Contact a newsroom staff member
  • Access the Trib Archives
  • Privacy Policy
  • Missing your paper? Need to place your paper on vacation hold? For this and any other subscription related needs, click here or call 801.204.6100.