We talked with Jeff Wells, Metrc’s CEO.
How much funding have you raised in total?
Since we became involved in the cannabis and hemp industries, we have raised $50 million in funding, including investments from Tiger Global Management and Casa Verde Ventures.
How would you describe Metrc in a single tweet?
Metrc is the most trusted solution for cannabis governance. Our technology and software help ensure a secure supply chain by tracking and tracing cannabis products from seed to sale, enabling government and industry to promote transparency, public health, and a safe marketplace.
How did it all start and why?
We started back in 1993 as Franwell, Inc. and, at that time, focused on enterprise software for the agricultural industry. We gradually began developing RFID tags, using them to help with supply chain management, eventually expanding into the food and pharmaceutical industries. As we were looking at other use cases for the technology, we learned that Colorado was looking for a track-and-trace system for its new cannabis industry. We were extremely hesitant at first, but over time warmed to the idea, realizing it could be a perfect fit for our solution and a perfect opportunity to help the state develop a secure and safe market. Needless to say, it was a long and windy road.
What have you achieved so far?
Since launching the world’s first industry-wide track-and-trace system for cannabis, we’ve expanded to 11 other states and the District of Columbia; they represent the five largest state cannabis markets by tax revenue. And, in them, we work with over 15,000 cannabis businesses and support over 120,000 users. In our system, we’ve recorded over $11.5 billion in cannabis sales and over one billion supply chain events, like plantings, harvests, packages, transports, and tests. We truly believe that we have the best solution on the market and are proud of a 100% renewal rate in our contracts. But this market is continually changing, so we’re always trying to improve our solution and look for ways to better serve our clients.
How will you use your recent funding round?
Well, in addition to improving our solution, we’re continuing to focus on protecting our software and data, expanding our system functionality, and growing our team. In fact, the number of Metrc employees has grown by over 40% since our most recent funding round last year.
What do you plan to achieve in the next 2-3 years?
Become a world-class solution with sustainable growth. For the latter, we believe that medical and adult-use cannabis will continue to be legalized both throughout the United States and the world; we want to be the go-to partner for supply chain governance in each of those jurisdictions. For the former, we’re working hard to not only provide best-in-class software and technology, but to provide exceptional customer service, including regulatory advisory services, system training, and ongoing user support, at an affordable and transparent price.
Originally Published on petacrunch.com 11/18/2019
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