Metrc, a provider of cannabis regulatory track-and-trace systems in the United States, has entered into a contract with the state of New Jersey. The finalization of the contract comes on the heels of approval by the state's Cannabis Regulatory Commission earlier this year. The Garden State is Metrc's latest adult-use contract and the company's 18th government contract for a track-and-trace system.
"As New Jersey kicks off its first cannabis track-and-trace system, we're excited to help lead the charge on implementing this crucial step toward effective regulation," stated Jeff Wells, CEO of Metrc. "Metrc looks forward to working closely with the state of New Jersey, regulators, and licensed business owners to ensure the security and safety of both the state's medicinal market and the newly established adult-use market."
New Jersey has had a legal medicinal cannabis program since 2010 and legalized cannabis for adult-use last year. The partnership between Metrc and New Jersey will be the first time the state has implemented a centralized track-and-trace system. Metrc's system offers a unique RFID tag model, where each individual plant and product is traceable through a patented radio-frequency identification tag, allowing for seamless data tracking for each plant, optimizing inventory control and cultivation management.
This inventory management system helps ensure regulatory compliance, assists with the accurate reporting of sales data, combats the illicit market, and provides much needed advances in consumer and product safety.
Metrc now holds government contracts in every region of the United States, and while these areas may have diverse regulatory frameworks, they share the goal of creating safe, legal cannabis markets.
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