Fort Lauderdale, Florida, United States: Point of Sale and Efficiency Software
Steven Siegel, CEO
T.J. Ferraro, CTO
Patrick Vo, COO
BioTrackTHCâ€™s primary focus is a medical marijuana POS software system. The system includes compliance with state regulations, and it enables streamlined grow house location tracking, inventory, patient management, point-of-sale system and account reporting.
â€śThis technology came from biometric e-prescribing, which we have three issued patents on so we had to build this technology that tracks marijuana off a database that was approved by the DEA â€¦ so when Washington came up with the RFP, we knew that we stood a good chance already because we have this superior technology thatâ€™s designed to run e-prescribing and pharmacies.â€ť â€“ Steven Siegel, CEO
Revenue Driver: State-compliant dispensary software and POS system
Competitors:Â Traditional and web-based POS systems
Competitive Advantage: BioTrackTHC is a division of Bio-Tech Medical Software, Inc., a Florida based company, with offices in Denver, Colorado, and Washington state whose team members boast over 50 combined years in the medical industry. This vast level of knowledge offers us a significant edge in the cannabis market. We have been developing software to advance industries and patient rights for nearly a decade and now we are ready to bring that same level of understanding and determination to the marijuana industry.
BioTrackTHC, as decided by the Washington State Liquor Control Board, is theÂ official traceability software provider for Washingtonâ€™s licensed marijuana producers, processors, and retailers.
â€śWe would not have won the state of Washington if it was not for the staff that we have.â€ť â€“Steven Siegel
Business Model: To provide cutting-edge technology solutions for the emerging legal marijuana industry that (1) prevents product theft and combats marijuana diversion; (2) assists legal marijuana operators with running their cultivating, packaging, and retail operations more profitably and to better comply with the law; (3) and facilitates the accountability, transparency, and overall legitimacy of the legal marijuana industry.
Funding:Â BioTrackTHC was initially self-funded by Steven Siegel, CEO. The company recently engaged Viridian Capital Group, and its broker dealer Pickwick Capital Partners, as financial and strategic advisors.
Sales/Marketing Strategy: BioTrackTHC employs the following comprehensive sales and marketing strategy to reach decision makers and build revenue for the companyâ€™s commercial and government seed-to-sale tracking software:
- Pursuing government and commercial business in all legal U.S. states and those moving toward legalization.
- Pursuing appropriate foreign markets.
- Exhibiting and speaking at industry conferences and smaller local meetings nationwide.
- Having BioTrackTHC employees located on a full-time basis in states where customers and potential customers operate their businesses.
- Continuously meeting with customers and potential customers to build relationships and to be an important resource regarding seed-to-sale tracking and industry issues.
- Providing comprehensive customer service and expertise from the companyâ€™s headquarters to support the state-based operations.
- Obtaining feedback from customers and potential customers about the changing needs of their businesses and regulatory environments to adjust best practices as needed.
- Constantly working to provide the best seed-to-sale systems based on this rapidly changing industry.
- Operating the National Cannabis Chamber of Commerce to provide industry leadership and information across a wide range of issues.
- Providing company and industry news to the cannabis trade media and mainstream press.
Customers: Licensed marijuana producers, processors and retailers.
Products:Â State-compliant dispensary software and POS system with grow-house and inventory management, as well as patient management and account reporting.
Sale to seed (STS) multi-point verification module for banking, credit cards and debit solutions. It ties cash deposits, credit cards, or debit solutions to each legal marijuana sale. This module is in beta testing with Numerica Credit Union.
â€śWhen [dispensaries] make a deposit of cash, the bank can feel comfortable in knowing that thatâ€™s not laundered money, that that money actually came from a real legal sale.â€ť â€“ Steven Siegel
â€śThe biggest transition of a traceability system is the understanding and acceptance of it â€¦ . Thereâ€™s a huge transition of non-techies that really just resent all of sudden having to use this advanced technology. We try to make it simple and easy for them.â€ť â€“ Steven Siegel
Steven Siegel, CEO, is a seasoned executive, published inventor, and serial entrepreneur with a 30-year history of consistently creating successful startups. His accomplishments demonstrate superior strengths and skills in identifying and developing untapped market niches in numerous and diverse industries, as well as launching and managing successful sales forces. He has founded a health and nutritional products company (startup to $18 million in annual revenue), a chain of medical centers (startup to $7 million in annual revenue), a political auto-dialer technology firm, and a third-party financial clearinghouse. Siegel has also worked with high-level agencies from the Executive Office of the President of the United States and has co-authored two state-level legislative bills (Florida HB143 and Colorado HB1242). He holds a Ph.D. in Psychology and Organizational Development.
T.J. Ferraro, CTO, is a self-taught programmer and inventor who have worked along-side Steven Siegel for over 10 years. He is co-inventor of Bio-Tech Medical Softwareâ€™s entire portfolio of products, has worked with high-ranking state and federal law-enforcement officials to educate them about potential technology solutions to the drug problems in the United States, and co-authored two state-level legislative bills (Florida HB143 and Colorado HB1242). Mr. Ferraro is a bona fide member of Mensa International.
Patrick Vo, COO, is an experienced professional with a strong background in finance, business development, and corporate strategy. Vo began his career with global accounting firm Price Waterhouse Coopers and has since held an accounting manager role with an economic development firm, a business development role with a Fortune 500 company, and a strategy consulting role with a number of medical and executive recruiting startups. Vo holds a Master of Science in Business from Indiana University, a Masters in Accounting from the University of Arizona, and a Bachelors in Accounting from the University of Arizona.