Cannabis RegTech Co. Simplifya Touts 100% YoY Growth As More States Legalize & Compliance Becomes Essential

Jelena Martinovic , Benzinga Staff Writer

December 16, 2021 1:29pm Comments

Cannabis RegTech Co. Simplifya Touts 100% YoY Growth As More States Legalize & Compliance Becomes Essential

Cannabis-focused regulatory and operational compliance software platform Simplifya revealed Thursday that it saw a 100% growth year-over-year in 2021.

Based in Denver, the company also announced several other key 2021 growth metrics and accomplishments, including marketplace expansions, new product launches and new hires.

2021 Growth Highlights

40% year-over-year increase in the number of clients using its Simplifya Self Audit platform.
Expanded its core suite of services – Simplifya Standard Operating Procedures (SOPs), Simplifya Smart Cabinet, and Simplifya Self Audit – from 19 to 24 states.
Launched Simplifya Market Guide, a new platform that arms cannabis and cannabis-related businesses with comprehensive, user-friendly state regulatory summaries for all 50 states.
Several key hires, including appointing Katrina Skinner as its general counsel and chief banking officer – one of the country’s top cannabis banking, financial services and compliance experts.
Formed several key partnerships with regulatory, tax, legal and D&O insurance topic experts, including Hub International, Burns & Levinson, and CohnReznick.

In addition, Simplifya disclosed plans to expand its core services to an additional six states in 2022.

“As more states legalize and migrate to adult-use; new banks, insurers, law firms, and other ancillary businesses enter the space; businesses expand the number of markets they operate in; additional regulations and guidance are enacted and are updated; and the federal dialogue continues – keeping track of all the stringent compliance requirements has only become more complicated,” Marion Mariathasan, Simplifya CEO and co-founder said. “However, in 2021, we saw an astounding number of cannabis operators and ancillary businesses realize RegTech compliance is no longer just ‘nice to have’ – but a ‘must have’ – leading to our business’ record-breaking growth.”

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Photo: Courtesy of Visual Stories || Micheile on Unsplash

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