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The report drew from empirical data on cannabis point-of-sale usage in dispensaries across the U.S. and identified BioTrackTHC as the market share leader.
DENVER, Nov. 12, 2018 /PRNewswire/ — Helix TCS, Inc. (OTCQB: HLIX) technology subsidiary, BioTrackTHC, was highlighted as the leading cannabis point-of-sale provider in a report published by Cannabiz Media, a widely-used database of licensed cannabis businesses across the U.S. The report detailed the point-of-sale vendors within the cannabis industry and their market share across the broader U.S. and within specific market segments.
In addition to having the largest dispensary market share across the entire U.S., the report showed BioTrack’s dominance at a granular level across multiple market segments, such as medical-only states and recreational/medical states. The report used a sampling method in which a team of researchers gathered data from 1,460 active dispensaries and retailers across the U.S. The team estimates that their sampling reached 50% of dispensaries within the licensed market as of October 26, 2018 – an effective and strong sample size. In addition to the dispensary point-of-sale offering covered in this report, BioTrackTHC also provides full-vertical tracking solutions to the entire cannabis supply-chain including cultivation, manufacturing, and distribution/transportation, where they are also market leaders.
The report stated that “in states where only medical marijuana is allowed (not adult-use), one point-of-sale software vendor holds the majority market share. That company is BioTrack with a 53% market share – nearly twice that of the second-largest vendor in terms of market share in medical-only states.
“In an industry saturated by private companies and self-inflated numbers, it is refreshing to have independent validation from a reputable third party of what we’ve known all along – that BioTrack is, and has always been, the dominant software provider in the cannabis industry,” said Patrick Vo, President and CEO of BioTrackTHC.
“We are pleased to see third party validation of BioTrack’s position in the dispensary point-of-sale space. We look forward to leveraging that market share ownership to scale our additional ancillary service offerings and to roll out the company’s next generation seed-to-sale software product to customers worldwide,” said Zachary L. Venegas, Executive Chairman and CEO of Helix TCS, Inc. “I feel that it is worth noting that this study doesn’t include the multi-billion dollar cultivation market, where I am confident we are even more dominant.”