Metrc announced a new contract with the Commonwealth of Virginia to support the regulation of its medical cannabis market.
βAs Virginia continues to strengthen its medical cannabis market, we are excited to support and enhance its program through our state-of-the-art track-and-trace platform, which will enable regulators to conveniently and securely track, store, and retrieve critical data points from operators statewide,β said Michael Johnson, CEO of Metrc. βOur team at Metrc looks forward to working alongside the Virginia Cannabis Control Authority and state licensees to ensure a regulatory framework where patients are guaranteed safe consumption and licensees are provided an environment to thrive.β
The Metrc system enables licensed operators to track all activities impacting the status of a plant or the creation of cannabis-based products, including origin, testing results, handling, and chain-of-custody information, through the companyβs unique RFID tracking model and software-as-a-service (SaaS) system. This robust data set is optimized for regulators through Metrc Insights which allows regulatory agencies to interpret data trends, make data-driven decisions, and implement strategies. Data tracking in Metrc also helps operators optimize inventory control, accurately report sales data, and improve cultivation management.
Additionally, Virginia licensees will have access to the newly launched Metrc Retail ID functionality. This provides businesses with the option to generate compliant labels with QR codes for item-level identification and allows patients with a smartphone to scan and access product information such as lab results, product origin, and more.
Metrc holds exclusive government contracts in every region of the U.S., and while these areas have diverse regulatory frameworks, each jurisdiction shares the common goal of ensuring safe legal cannabis markets. The Company will continue to partner with these markets to provide a data solution that streamlines compliance, protects the public, and builds trust in the marketplace.