Helix TCS to Become Largest Shareholder in BioTrackTHC
Helix TCS (HLIX) with its ongoing capital partner, Rose Capital, announces that it has entered into a binding agreement 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 7 prestigious state-government contracts for seed-to-sale tracking in Washington, New Mexico, Illinois, New York, Hawaii, the City of Arcata, California, as well as Puerto Rico. BioTrackTHC services over 1,900 enterprise locations both nationally – in Alaska, Arizona, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, Washington, Washington D.C. and internationally in Canada, Jamaica, and South America.
Steven Siegel, BiotrackTHC’s founder and former Chairman, along with Brian McClintock, co-founder, state: “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. 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.”
Helix TCS founder and CEO Zachary L. Venegas said: “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. 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.
The stated purpose of the transaction is to expand and accelerate this joint initiative, while enhancing Helix’s capabilities to provide the only integrated operating platform in the industry.