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Microsoft Scores Big Pot Deal; Business as Usual, Says NYT

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By    |   Friday, 17 Jun 2016 10:17 AM

Microsoft scored its first big pot deal in a partnership with software start-up Kind Financial to support the budding marijuana industry and got a nod of approval from The New York Times.

Kind Financial is a Los Angeles-based start-up that aims to help emerging marijuana-related businesses navigate new rules and regulations in the growing number of states where medical or recreational marijuana is allowed, CNBC reported.

It's flagship software Agrisoft Seed to Sale helps growers track their crops and manage financial operations. In the deal announced Thursday, Kind Financial's products will be available to customers using Microsoft's Azure government cloud product, CNBC said.

"No one can predict the future of cannabis legalization, however, it is clear that legalized cannabis will always be subject to strict oversight and regulations similar to alcohol and tobacco; and, KIND is proud to offer governments and regulatory agencies the tools and technology to monitor cannabis compliance," the start-up's founder and CEO David Dinenberg said in a news release. "I am delighted that Microsoft supports KIND's mission to build the backbone for cannabis compliance."

The deal makes Microsoft the first large corporation to enter the cannabis industry, The New York Times reported, noting that the deal marks the "beginning of a legitimate infrastructure" for the pot-related business.

“We do think there will be significant growth,” said Kimberly Nelson, the executive director of state and local government solutions at Microsoft, according to the Times. “As the industry is regulated, there will be more transactions, and we believe there will be more sophisticated requirements and tools down the road.”

Dinenberg told the Times that it took a lot of time and effort to secure a big-name partner.

“Every business that works in the cannabis space, we all clamor for legitimacy,” he said. “I would like to think that this is the first of many dominoes to fall.”

Comedian Tommy Chong and others reacted to the deal on Twitter.

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Microsoft scored its first big pot deal in a partnership with software start-up Kind Financial to support the budding marijuana industry and got a nod of approval from The New York Times.
microsoft, scores, pot, deal
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2016-17-17
Friday, 17 Jun 2016 10:17 AM
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