Metrc, a company that is provides turnkey solutions for seed-to-sale tracking to cannabis companies, is receiving funding of $50 million dollars from well-known companies Tiger Global and Casa Verde Capital, the company backed by the famous rap artist Snoop Dogg.
In order for companies involved in the cultivation of cannabis to stay compliant within state regulations in the U.S. they need to implement a tracking system to record each seed to the sale of each dried cannabis bud. If they don’t
then that company risks being shut down
and their assets seized by their state or local government.
Metrc stands for Marijuana Enforcement Tracking Reporting Compliance. Metrc’s system helps manage a number of aspects within the cultivation process and operation including the chain of custody of product, laboratory testing, licensing, reporting and analytics, secure RFID tags, package tracking, and many more.
Their company, which was founded in 2013, has successfully tracked more than 20 million plants and has 85,000 currently active users utilizing their technology. Metrc is going to be utilizing the newly acquire investment capital to expand their current operations, hire more staff, and continue the development of their technology.
You may be interested
MJardin Group Announces CSE Listing and GrowForce AcquisitionEditor - November 16, 2018
MJardin Group, Inc. (CSE: MJAR) announced earlier this week that the company will begin trading the company’s common stock on the Canadian Securities Exchange, under the ticket…
Invictus Strategies Corp. to Acquire GTEC Holdings in Exchange for $100M in StockEditor - November 16, 2018
Invictus Strategies Corp. (TSXV: GENE) (OTCQX: IVITF) has announced this morning that the company has entered into an agreement to acquire GTEC Holdings Ltd. (TSXV: GTEC) (OTC:…
Columbia Care Receives Licenses from Maltese GovernmentEditor - November 15, 2018
Columbia Care LLC. has announced this morning that the company has gain approval from Malta Enterprises, the regulatory economic development agency in the country, to receive licenses…