An increasing number of states are requiring cannabis companies to track every plant from seed to sale in a bid to increase oversight on the industry, which subsequently bolsters the market for businesses that make inventory software.
The latest state to go in this direction: New Mexico.
This week, officials awarded a state contract to BioTrackTHC, a Florida company that built the tracking system Washington State is using to monitor its recreational marijuana industry.
The New Mexico Medical Cannabis Program issued a request for proposals last July for such a system, which included a requirement for the “ability to capture and maintain information on its Licensed Non-Profit Producers including seed-to-sale, inventory, cannabis-derived product tracking and dispensary history.”
The state system must also be able to be accessed remotely by law enforcement, track patient information, edit records, collect information on patients who are also licensed to grow at home, collect information on MMJ primary caregivers and produce patient registration cards with photos – all while adhering to federal health privacy laws.
Though a press release from BioTrackTHC didn’t disclose how much the New Mexico contract was worth, the company garnered $750,000 from the Washington contract.