Denver, CO, Nov. 10, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Helix Technologies, Inc. (OTCQB: HLIX) (the “Company”), the leading provider of critical infrastructure services to the legal cannabis industry, is preparing to participate in the 5 states that have increased access to legal cannabis for their citizens this election. New Jersey, Montana, and Arizona all expanded their medical programs to adult use, South Dakota legalized medical and adult use marijuana, and Mississippi voted to legalize medical cannabis.
While cannabis legalization has been gaining ground nationally over the last few years, the 5 for 5 sweep of state-level ballot measures sent a clear message that the American people are overwhelmingly in favor of cannabis legalization with measures passing in both deep red and deep blue states.
Furthermore, the ballot measures will increase the total addressable market by at least 20mm state residents with tens of millions more living adjacent to newly minted recreational markets. While state-level ballot initiatives received the most attention, local measures could also increase market size as new municipalities allow adult use sales, including 6 densely populated Chicago suburbs. The measures could increase retail sales by billions of dollars in the coming years and represent a tremendous opportunity for both plant touching and ancillary cannabis businesses.
While the ballot measures will have components taking effect from late 2020 all the way through 2022, there are significant opportunities for growth in both the government and commercial sectors. Although Arizona and New Jersey do not currently employ tracking systems, a recreational program without a viable traceability platform has never been tried, so it is likely that they will consider implementing one. South Dakota and Mississippi are also likely to explore the options for track and trace. Furthermore, with the growing demand for cannabis that comes with adult use, there will undoubtedly be expansion of license counts with Multi-State Operators leading the way.
Through its industry-leading suite of proprietary software, Helix Technologies is well positioned to take advantage of the expanding markets for both commercial and government software. As the only software provider that has massive market share in government as well as retail software markets, Helix is well positioned to benefit from these market openings. Helix’s proprietary dataset, the largest in the industry, and analytics capabilities are both of great value to operators and regulators looking to navigate the tumultuous waters of new cannabis programs. Helix’s involvement in the cannabis industry predates the origins of adult use cannabis, providing the company with the data sets that preview consumer behavior and regulatory outcomes in a way to uniquely support each new state’s market development.
“This is a very exciting time for the cannabis industry. New markets will continue to open, and existing markets will gain further momentum and transparency,” said Zachary L. Venegas, Helix Technologies Executive Chairman and CEO. “We provide traceability and POS software to a larger combination of governments and commercial operators than any firm in the industry, and as we move ahead with key strategic initiatives, these new markets present outstanding avenues for growth. The fact that we are the #1 or #2 market share-leader in every seed-to-sale software market will place Helix Technologies in good stead.”
About Helix Technologies, Inc.
Helix Technologies, Inc. (OTCQB: HLIX) is the 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 36 states and 9 countries and have tracked over $20 billion in cannabis sales. For more information on Helix Technologies and to sign up for investor updates, visit us at www.helixtechnologies.com and follow us on Facebook, Twitter and LinkedIn. Sign up for the CannaPulse Newsletter for legislative changes, software updates and more.
About Helix Technologies, Inc.
Helix's industry-leading compliance and point of sale technologies are tailored to the unique needs of the quickly evolving cannabis industry, offering customers seamless compliance management solutions and earning government contracts in this rapidly growing market. The BioTrack cutting-edge platform is designed to scale alongside the cannabis industry. The Helix's leadership team has deep experience in entrepreneurship, mergers, acquisitions, technology and security. With headquarters in Denver, Colorado and teams based in Florida, Washington, Hawaii, Nevada, and Argentina, Helix is committed to providing highly sophisticated and secure operating environments.
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.
Helix Technologies, Inc.
Helix Technologies, Inc.