Metrc, a Lakeland, FL-based provider of regulatory solutions for the legal cannabis industry, secured $50m in funding.
The round was led by Tiger Global Management and Casa Verde Capital.
Led by CEO Jeff Wells, Metrc develops supply chain driven track-and-trace systems, built as a solution for cannabis regulators. Designed specifically for government agencies regulating the cannabis industry, it ensures that there is a full track and trace of cannabis plants and products from the seed to the final customer sale.
The system, which services 11 states and Washington D.C., allows cannabis industry operators to report required events and information, and enables regulators to oversee license holders’ activities to monitor and enforce compliance. Using Radio Frequency Identification technology and serialized item tracking, the company gives regulatory bodies real-time visibility into industry operators’ inventories.
To date, Metrc has registered more than 85,000 users and tracked more than 20 million plants and 19 million packages.