Helix Technologies’ Biotrack Traceability System Processes Over $11 Million in Transactions in First Week of IL Recreational Cannabis Sales
Denver, CO, Jan. 08, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- . (OTCQB: ) (the “Company”), the leading provider of critical infrastructure services to the legal cannabis industry, successfully completed the launch of the state tracking system for adult use marijuana sales in Illinois. The successful transition of the tracking system from medical to adult use allowed businesses to sell over $3.2 million of cannabis products on the first day of sales.
The historic rollout marked the first state to legalize cannabis through legislation instead of a ballot initiative and is also the second, and most populous state in the Midwest to allow adult use marijuana, signaling a growing acceptance of the plant in the traditionally conservative region. Illinois represents the largest market in the Midwest, with first day sales topping nearby Michigan by over 10 times.
On its first day, the Biotrack system successfully processed over $3.2 million in transactions representing over 70,000 item sales. The strong first-day sales showed little sign of slowing with the first week seeing more than a quarter million transactions totaling over $11 million. These numbers are expected to grow as more licenses are issued in the State.
“Our biggest challenge upon launch was ensuring that all users had the requisite knowledge prior to going live,” said Dr. Moe Afaneh, COO of BioTrack. “Our support and training personnel have been putting in long hours, especially over the holidays, to make sure everything went smoothly and that focus hasn’t ceased in the last week. The success of this launch is a testament to their hard work and customer service focus.”
“Biotrack was nothing short of excellent concerning its collaboration of this massive Illinois launch at our Sunnyside Dispensaries. The Biotrack team was extremely informative, professional and executed real time adjustments to fix any issues we ran into daily/nightly. They were truly a wonderful partner in this process, proactively reaching out to us and checking in to see that the system was operating smoothly,” said Jourdan Kurtz, EVP of Retail Operations at Cresco Labs.
“This was the largest single deployment in industry history, and I am honored that the State of Illinois selected BioTrack as its partner. Our team demonstrated a real passion and drive to complete this effort flawlessly,” said Helix Technologies CEO and Executive Chairman Zachary L. Venegas. “I also want to thank our many commercial clients who continue to trust our services and integrate us into their business.”
About Helix Technologies, Inc.
(OTCQB: HLIX) is a leading provider of critical infrastructure services, helping owners and operators of licensed cannabis businesses stay competitive and compliant while mitigating risk. Through its proprietary technology suite and security services, Helix Technologies provides comprehensive supply chain management, compliance tools, and asset protection for any license type in any regulated cannabis market. While Helix provides services to the Cannabis and Hemp Industries, the Company does not deal directly with the plant or any derivative products. Helix Technologies’ products reach over 2,000 customer locations in 38 states and 6 countries and has processed over $20 billion in cannabis sales. For more information on Helix Technologies and to sign up for investor updates, visit us at .
Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: our ability to fund our operations and pay any outstanding debt; fluctuations in our financial results; general economic risks; the volatile nature of the market for our products and services and other factors that could impact our anticipated growth; our ability to manage our growth; changes in laws and regulations regarding the cannabis industry and service providers in the cannabis industry; reliance on key personnel; our ability to compete effectively; security and other risks associated with our business; intellectual property risks; and other risk factors set forth from time to time in our SEC filings. Helix Technologies assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Media Contact:
Colt Peterson
Helix Technologies, Inc.
303 324 1022
IR Contact:
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Helix Technologies, Inc.
