October 25, 2018 (Lakeland, FL) – 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.

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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 (“RFID”) technology and serialized item tracking, Metrc gives regulatory bodies real-time visibility into industry operators’ inventories.

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“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.”