PRESS RELEASE - Simplifya, a developer of regulatory compliance software for the cannabis industry, announced Wednesday it is rolling out services in Nevada with the goal of making it easier for marijuana businesses to follow state and local regulations.
“Cannabis businesses must navigate a labyrinth of state and local laws and regulations,” said Simplifya Co-Founder and Chief Compliance Officer Jordan Wellington, who helped draft Colorado’s cannabis regulations for that state’s Department of Revenue. “Compliance can be challenging, especially for smaller businesses that have fewer resources. Our goal is to simplify the process and make compliance as easy possible so that companies can focus on doing business.”
Simplifya’s web-based compliance tool distills complex state and local regulations into a simple series of yes-or-no questions to facilitate self-audits, identify areas of noncompliance, hold employees accountable for remediation, and generate management and audit reports. It includes audit content for rules developed by the Nevada Department of Taxation. It also includes content for a growing number of local jurisdictions, including Las Vegas and Clark County. The platform also includes a feature that assists cannabis companies in developing standard operating procedures (SOPs).
“We've started using Simplifya at The Grove and it's making our team members' lives a lot easier," said Demetri Kouretas, CEO of The Grove, which operates dispensaries in Las Vegas and Pahrump. "We have all our compliance needs and documents handled in one place. Plus, it gives managers the tools to easily hold staff accountable for their compliance responsibilities, providing peace of mind to owners."
The Simplifya app was introduced in Colorado in late 2016 and expanded its services to include California in March of this year. It is currently being utilized by cannabis retailers, cultivators, and product manufacturers in dozens of localities across the two states.
“As the cannabis industry advances, there is really nothing more important than regulatory compliance,” said John Laub, president of the Las Vegas Medical Marijuana Association. “A company’s ability or inability to comply with regulations can be the difference between success and failure. It is great to have a product like Simplifya come along, as it allows operators to streamline and simplify the process of compliance. I think our members could truly benefit from Simplifya and I plan to encourage them to learn more about the technology."
Simplifya is growing rapidly and expects to roll out services in additional states later this year. In the first six months of 2018, the company doubled its employee count (from nine to 19) and tripled its client base. It closed its $3 million Series B funding round less than six months ago, in February 2018, but due to its growth and the high level of interest among new and existing investors, it recently received board approval to raise additional funds to scale the business even faster.
“The stars aligned for Simplifya in the first half of 2018,” said Simplifya CEO Marion Mariathasan. “We added even more talent and experience to our already seasoned team of compliance experts, and we have partnered with some of the biggest names in the industry. We are working tirelessly to build up the company, and we are very fortunate to have the backing of some of the best investors in the industry. Simplifya has developed an aggressive plan to expand into additional states in coming months and international markets in 2019.”
