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.