Simplifya, a regulatory and operational compliance software platform serving the cannabis and hemp industries, said it has raised $2 million in new equity capital.
A portion of the capital was used to retire outstanding debt, leaving the company debt free.
“We are extremely proud of what this capital raise represents,” said Marion Mariathasan, CEO of Simplifya. “The rapidly evolving cannabis and hemp markets face a complex regulatory environment that often exposes operators to costly compliance-related issues—resulting in fines, limited access to capital, loan challenges, and lapses in insurance coverage with higher premiums. With our strengthened financial position, we are accelerating our innovation and growth, ensuring Simplifya continues to provide best-in-class regulatory and operational compliance solutions for all industry stakeholders, from licensed operators to financial institutions, insurers and beyond.”
The equity capital raise arrives around Simplifya’s 10-year anniversary. Over the past decade, America’s cannabis sector has shifted and grown to a nearly $50 billion industry, with compliance tools being more relevant than ever, due to regular policy shifts and new state markets launching their medical and recreational programs. In response to these shifts that include the creation of the psychoactive-hemp market, Simplifya is expanding its capabilities with its newly launched Hemp Regfinder.
As part of its growth strategy, Simplifya has partnered with In The Weeds (ITW), a fintech company, to deliver enhanced solutions for insurance carriers, brokers, banks and non-bank lenders serving the cannabis and hemp industries. This collaboration is designed to simplify regulatory complexities while streamlining access to insurance coverage, traditional lenders and new capital providers as the industry continues to mature.
