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.”
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.