HerbFront Sponsors Canna Tech Chicago Meetup
HerbFront, the nation’s first real estate software for the legal cannabis industry, sponsored this month’s Canna Tech Chicago meetup Monday night at 1871 Chicago. Local leaders discussed how technology will affect the future of the cannabis industry.
This was the second meetup for the newly started Canna Tech Chicago group. Cannabis Technology Association is a trade organization that supports legal marijuana companies, with other meetups in Denver and Seattle. Canna Tech Chicago is supported by Cresco Labs.
HerbFront’s team presents at Canna Tech Chicago Monday.
Zach Marburger from Whaxy discussed special technology challenges the cannabis industry faces, including being blocked from using social media accounts and finding their online audience.
Legislative policy can impede cannabis industry members from accessing data to better serve their customers, Marburger said. HerbFront’s interactive maps help cannabis industry leaders stay informed on current zoning laws in their city.
Jake Meilach, Chief Investment Officer for HerbFront, explained how HerbFront’s technology is a solution for cannabis industry real estate needs.
“In an industry where it’s notoriously difficult to find financing, HerbFront Capital [HerbFront’s lending service] strives to solve what tends to be the most expensive aspect of any business: the real estate . .. Using our targeted mapping and zoning software, we’re going to acquire the real estate that the cannabis industry needs to operate in a cost-effective and legal way.”
— 1871 Chicago (@1871Chicago) January 26, 2016
Illinois Medical Cannabis Program director Joseph Wright gave updates on the current medical cannabis marketplace in Illinois, which he called “the most highly regulated cannabis industry in the country . . . Illinois has a hard cap on licenses to 20 growers and 60 sellers.”
HerbFront was recently named a Chicago Startup to Watch by Built in Chicago.
Twenty-four licensed dispensaries and 18 licensed manufacturers are slated to have their doors open in the next few months, and Chicago already has 10-12 dispensaries open and serving patients, Wright said. Illinois has a little over 4,000 qualified medical cannabis patients.
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