Metrc announced today that it closed a $50 million funding round led by Tiger Global Management and Casa Verde Capital. Metrc develops supply chain driven track-and-trace systems, built as a turnkey solution for cannabis regulators.
Designed specifically for government agencies regulating the cannabis industry, Metrc 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, Metrc gives regulatory bodies real-time visibility into industry operators’ inventories.
“The strong chain of custody and traceability that Metrc provides not only protects the public, but also supports governing bodies in charge of this rapidly growing industry,” said CEO of Metrc, Jeff Wells. “We have decades of experience building RFID technologies in areas including fresh food and pharmaceuticals, and are now applying this know-how to the cannabis space with Metrc. We believe our regulatory reporting and tracking solution will drive the success of the legal cannabis industry.”
Metrc launched in December 2013 for the Marijuana Enforcement Division of Colorado, the first state to establish a recreational cannabis market. With years of experience and extensive knowledge, Metrc has won contracts in the majority of states where recreational cannabis is legal and has become the foundation of operational activity in the industry. Notably, Metrc recently won the track-and-trace contracts for Massachusetts and California, the largest legal cannabis market in the world. To date, Metrc has registered more than 85,000 users and tracked more than 20 million plants and 19 million packages.
“The advent of seed-to-sale tracking and the richness of the data it yields has made the cannabis industry the most organized and transparent in the world,” said Managing Partner of Casa Verde Capital, Karan Wadhera. “We are excited to continue supporting compliant cannabis operations through our partnership with Metrc.”
About Metrc: Metrc is a turnkey solution providing end-to-end tracking and tracing specifically designed for government agencies regulating legalized marijuana. Developed by Franwell Inc., Metrc pioneered the development and deployment of the United States earliest government cannabis track and trace solution. Franwell Inc. is a technology company dedicated to the development of leading edge products and services with a focus on supply chain, chain of custody and RFID integration. Founded in 1993, Franwell has pioneered RFID track and trace software for the agriculture, cold chain and asset management industries.
About Tiger Global Management: Tiger Global Management, LLC is an investment firm that deploys capital globally. The firm’s fundamentally oriented investments focus primarily on the global Internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. Such investments have included Spotify, Harry’s, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart. The public equity efforts emphasize deep due diligence on individual companies and long-term secular themes. Tiger Global Management, LLC was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne.
