DENVER — Helix TCS and capital partner Rose Capital entered into a binding agreement last week to purchase all of the BioTrackTHC shares held by Steven Siegel and Brian McClintock, two of the three founders of the company, for cash and stock.
The purchase makes Helix TCS and Rose Capital the single largest shareholder in the firm. Helix TCS CEO Zachary L. Venegas will be appointed to the BioTrackTHC Board.
BioTrackTHC is a leading provider of cannabis seed-to-sale inventory tracking software systems for government regulators and cannabis businesses. To date, BioTrackTHC has been awarded state-government contracts for seed-to-sale tracking in Washington, New Mexico, Illinois, New York and Hawaii, as well as the city of Arcata, Calif. and the commonwealth of Puerto Rico.
BioTrackTHC services over 1,900 enterprise locations both nationally in Alaska, Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont and Washington, and internationally in Canada, Jamaica, and South America.
“We felt that it was critical to sell our stake to a partner with the demonstrated strategic, financial, and execution capabilities to support Biotrack’s success and its new initiatives,” said Siegel, BiotrackTHC’s former chairman, and co-founder McClintock. “Selecting a partner for this transaction was a painstaking process with many suitors making a case.
“We finally selected Helix TCS because since their founding I have watched them deliver real value to clients, employees, and investors, and I am certain that they will do the same for BioTrack. This transaction is a game-changer for both firms, as well as the legal cannabis industry.”
“This purchase will further support the existing initiatives between Helix TCS and BioTrackTHC, while providing a key link in Helix TCS’s fully developed integrated operating environment for the legal cannabis industry,”said Zachary L. Vinegars, Helix TCS founder/CEO. “There is much more on the event horizon in a number of areas, but in keeping with our execution focus, we will continue to do and then say.”
This announcement comes on the heels of a joint data partnership between Helix TCS and BioTrackTHC. Under that partnership agreement, BioTrackTHC joined MJ Freeway in providing Cannabase, a technology platform owned by Helix TCS, with exclusive real-time, live inventory data to support the execution of real-time exchange transactions in its industry-leading wholesale marketplace.
Helix TCS provides integrated operating environments for the legal cannabis industry. Compliance & logistical services range from FINCEN and banking consultation to reporting and data reconciliation, armed and unarmed security, remote monitoring, transportation, and custom security and cash solutions.