“As cannabis legalization takes off around the globe, we're also looking at expansion opportunities where we can make a positive impact – helping to keep international markets safe and secure for patients and consumers.”
Metrc allows cannabis regulators to track each cannabis product within their jurisdiction from seed to sale. Thus, when cannabis compliance is mentioned, Metrc comes to mind.
Metrc was launched in the state of Colorado in 2011. To date, Metrc has won 22 government contracts and built a solid reputation as the go-to marijuana compliance solution for states with legal marijuana programs. A decade later, Metrc has an established presence in every region of the US where Cannabis is legal.
The track-and-trace company is one of the few that can boast of maintaining 100% contract renewal since its inception. This has allowed Metrc to track over 150 million cannabis plants and 70 million cannabis products. We expect this figure to grow exponentially as more states move to legalize and roll out cannabis programs.
In this brief interview, Jeff Wells, co-founder, and chief visionary officer of Metrc discusses the past and present of Metrc and hints at the future of America's leading cannabis compliance company.
As an intro, how did you find yourself in cannabis?
In 1993, I started Franwell – our founding company – which offered supply chain solutions to the agriculture and pharma industries, and we eventually formed Metrc in 2017 to specifically address the cannabis industry. As legalization movements kicked off in the U.S., Metrc evolved as well, and we continue to grow and innovate alongside the industry.
Can you share briefly what Metrc is all about?
Metrc plays a leading role in ensuring the safety and security of the legal cannabis market. Our solution brings together advanced software, radio-frequency identification (RFID), a dedicated customer support team, and a secure database to track cannabis from growth, harvest, and processing to testing, transport, and sale. Metrc is currently engaged in 22 government contracts, spanning every region of the U.S., and serves more than 300,000 users, including growers, testing facilities, dispensaries, state regulators, and law enforcement officials.
How about asset tagging, do you see that going completely mobile one day, and if so, how soon?
Access to data is at the core of what we do, and something we believe is incredibly important for all industry stakeholders. Mobilized asset tagging can enhance those efforts, so we plan to continue pushing the envelope on the mobile side.
How difficult is it for Metrc to operate in different markets with ever-changing regulations?
Each state has its various nuances, many which are constantly evolving. This is why we put a strong emphasis on consistently communicating with regulators and adjusting for regulatory requirements, so both the state and its industry participants have what they need to succeed. When it comes to regulatory decisions across markets, Metrc takes an overall neutral stance. Whatever the regulatory environment, we believe it's important to have a system in place that allows stakeholders to be as holistic as possible when capturing information.
Is going global in your eyesight — are you looking at Canada or overseas like some of the big cannabis players?
First and foremost, we will continue to provide the most trusted solution domestically in the states. As cannabis legalization takes off around the globe, we're also looking at expansion opportunities where we can make a positive impact – helping to keep international markets safe and secure for patients and consumers.
Do you see this industry being monopolized like tobacco, alcohol, sugar, etc?
I do see consolidation in the future. As the industry matures, I expect the landscape to be made up of a much smaller set of strong companies, consisting of both large single-state operators and even larger national entities.
It was a great pleasure to have this one-on-one with Jeff Wells, CVO of Metrc. Readers who wish to maintain pace with the new developments are more than welcome to visit their website.