LAKELAND, Fla., July 21, 2022 (GLOBE NEWSWIRE) — Metrc, the most trusted and experienced provider of cannabis regulatory systems in the U.S., announced its new contract with the State of Rhode Island to support the State’s regulation of medical cannabis, the Company’s 22nd government contract to date and fifth so far in 2022.
As the only track-and-trace company to have successfully taken over a government contract from another vendor, Metrc will replace the State’s current partner and implement its robust track-and-trace platform to help facilitate the Rhode Island Medical Cannabis Program’s data collection and regulatory oversight. Rhode Island is the third state in which Metrc is replacing the incumbent vendor. The Company’s unique RFID tag model combined with a configured software-as-a-service (SaaS) system will enable licensed operators to easily view and track all information and activities impacting the status of a plant or the creation of cannabis-based products, including origin, testing results, handling, and chain-of-custody information. This seamless data tracking helps operators optimize inventory control, accurately report sales data, and improve cultivation management. And this same tracking information is accessible to state regulators, providing the ultimate transparency to ensure regulatory compliance, help combat the illicit market, and safeguard the health and well-being of Rhode Island medical marijuana patients.
“As the Rhode Island Medical Cannabis Program continues to grow, we are excited to support and enhance the program through our state-of-the-art track-and-trace platform, which will enable state regulators to conveniently and securely track, store, and retrieve millions of data points from operators around the state,” said Michael Johnson, CEO at Metrc. “Our team at Metrc is looking forward to working side-by-side with Rhode Island’s Office of Cannabis Regulation and both existing and new licensees within the state to establish a safe and well-regulated medical marketplace.”
Rhode Island was an early adopter of medical marijuana, legalizing the program in 2006. Since last October, the state has awarded six new medical marijuana licenses to business owners through a lottery, which increases the number of dispensaries from three to nine, significantly expanding access to the state’s thousands of medical patients.
Metrc now holds exclusive government contracts in every region of the U.S and has a particularly strong presence in the northeast, having contracts with Maine; Massachusetts; New Jersey; Maryland; Washington, D.C.; and now Rhode Island. While these areas have diverse regulatory frameworks, each jurisdiction shares the common goal of ensuring safe legal cannabis markets. Metrc continues to be the favored partner of regulators and businesses in serving their unique needs and goals; having prevailed over other track-and-trace competitors who were eager to replace the incumbent vendor in Rhode Island, Metrc continues to demonstrate the greatest expertise in regulating cannabis markets to ensure long-term safety and success.