Oddysee, which automates city and state license applications for California cannabis business operators set to roll out in 2019
Signed a strategic partnership agreement with Agua Technologies and will deploy its suite of software and hardware products
The platform has grown to a "complete cannabis technology platform" that's set to include a knowledge database with a cannabis educational component
Closed the first tranche of a non-brokered private placement raising C$689,000 with more to come
What Alchemist does
Alchemist Inc (CSE:AMS), is aiming to be a global provider of technology solutions to the cannabis sector. It’s primarily focused on investing and building its portfolio of businesses in the developing global cannabis market through acquisitions, incubations and investments.
Alchemist’s goal is to provide reliable tech solutions that seamlessly integrate into existing processes, with an aim to make businesses more efficient and profitable. One of Alchemist’s flagship projects is Oddysee, an SaaS platform that focuses on automation for city and state license applications for California cannabis business operators.
Beyond that, the platform has grown to a "complete cannabis technology platform" that's set to include a knowledge database with a cannabis educational component
How is it doing?
In December, Alchemist signed a strategic partnership agreement with Agua Technologies, doing business as AQUA. Under the deal, Alchemist and AQUA will deploy its suite of software and hardware products to cannabis operators throughout the US.
The AQUA suite focuses on the delivery of real-time, insightful supply chain data and financial services for cannabis business operators globally.
According to Paul Mann, CEO of Alchemist, the integration of AQUA’s POS (point of sale), accounting, compliance, data management, wholesale, retail, inventory and managerial functions into the post-licensing component of Alchemist’s Oddysee platform gives “unparalleled insight into the pre and post license requirements of cultivators, manufacturers, operators, distributors, delivery companies and dispensaries."
Above all that, the data gleaned by combining the two could be extremely valuable from an investment perspective. The strategic partnership agreement will see AQUA and Alchemist share revenue on a 50/50 basis from net proceeds generated from all clients contracted under the partnership.
Alchemist recently appointed an independent director to help navigate the legal cannabis landscape in California: Brian Clay, a 30-year veteran of the California department of corrections, rehabilitation and division of adult parole operations. He’s spent the last two years working in the cannabis industry advising clients on security for their facilities.
Clay’s operational experience coupled with his corporate and political connections will be an “invaluable asset,” according to Mann, as Alchemist navigates the legal cannabis landscape in California and the United States.
Financing round successful
Alchemist closed the first tranche of a previously announced non-brokered private placement, for total gross proceeds of C$689,000 in mid-December 2018. A second round of financing is expected to launch in early 2019.
In the space of a few short months, Alchemist is already seeing revenue from its Oddysee platform for cannabis farmers to apply for licenses, which is set to grow even further.
What the boss says
“We originally started with the aim of rolling out this automation on the licensing platform… it’s grown to what I’d like to now call a ‘complete cannabis technology platform’ in the sense that, at the pre-licensing level, we’ve now got that automation-level to the point where you can go through inventory management, plugging into the state, stuff like metrics, through to PoS,” says Paul Mann, CEO of Alchemist.
“We’ve got that platform now and have clients that are using it. We started this in November/December and we’re in revenue now,” adds Mann.