Connecticut regulators selected BioTrack to provide a marijuana seed-to-sale system to monitor inventory and keep tabs on business transactions in the state’s medical cannabis market and upcoming adult-use program.
According to a news release, Newtown, Pennsylvania-based Forian, which produces BioTrack, was selected by the state’s Department of Consumer Protection Drug Control Division to provide an inventory of cannabis products and to prevent diversion.
All licensed medical and recreational medical companies in Connecticut will be required to log cannabis into BioTrack as it’s cultivated, processed, packaged, tested and sold.
The system will also help with recall efforts if products are deemed unsafe.
State regulators said recently they are aiming for a relatively full launch of Connecticut’s projected $750 million recreational marijuana market by year-end 2022.
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In September, Forian announced it was raising $24 million in a private placement of convertible notes.
Forian launched in March, the result of a merger of BioTrack and Cannalytics producer Helix Technologies and Medical Outcomes Research Analytics.
The company trades under the ticker symbol FORA on the Nasdaq exchange.