Tech start-ups have already been flocking to the up-and-coming pot trade
America’s burgeoning weed industry just seems to be climbing higher.
Tech giant Microsoft announced Thursday it is partnering with a cannabis industry-focused software company called Kind Financial. The company provides “seed to sale” services for cannabis growers, allowing them to track inventory, navigate laws and handle transactions all through Kind’s software systems. The partnership marks the first major tech company to attach its name to the burgeoning industry of legal marijuana.
While most big tech companies have been shy to get involved, tech start-ups have been flocking to the up-and-coming pot trade, which is fully legal for both recreational and medical purposes in five states. The marijuana industry’s specific needs for data tracking to optimize plant growth and other logistics, as well as its booming market potential, make it well-suited for tech partnerships. “Nobody has really come out of the closet, if you will,” said Matthew A. Karnes, the founder of marijuana data company Green Wave Advisors, to The New York Times. “It’s very telling that a company of this caliber is taking the risk of coming out and engaging with a company that is focused on the cannabis business.” [Read More]