On January 23, 2019, TrackLoop (TOOL.C) announced that it is “a verified California METRC software vendor.”
That’s a big deal because California regulates the way cannabis moves along highways, down alleys and into buildings.
TOOL is an analytics software company that leverages the Internet of Things (IoT), and digital asset technology to transform and modernize multiple industries.
TOOL targets the logistics, cannabis, finance and pharmaceutical industries.
TOOL’s turnkey real-time tracking solutions offer the very latest in IoT and AI, providing valuable data and business intelligence to some of the world’s leading brands.
TrackLoop has partnerships – today, wrote Equity Guru’s Chris Parry.
- Walmart
- The Canadian Blood Services
- Save-On-Foods
- SPUD.CA
- BC Ferries
- FOOD-X
- California Air Resources Board
METRC is the State of California’s ‘track-and-trace’ system used to track commercial cannabis activity and movement across the distribution chain (“seed-to-sale”).
TOOL’s approval comes on the heels of California’s Track-and-Trace (Resolution 3702) program that will “Record the movement of cannabis and cannabis products through the state’s supply chain from cultivation to sale.”
Reporting to METRC is major requirement of licensed producers and distributors in the state and is mandated by the California Department of Food & Agriculture.
METRC compliance is required by every stakeholder along the supply chain including:
- Cultivators
- Manufacturers
- Retailers
- Distributors
- Testing Laboratories
- Micro-businesses
There are two types of tagged inventory in Metrc, Plants and Packages.
Plants must enter the system through immature plant lots (up to 100 plants/lot), they are assigned a Unique Identifier Plant tag.
Each immature plant must be labelled with the lot Unique Identifier (UID).
Individual flowering plants are assigned a Plant tag.
Packages are created from immature plants, harvest batches, testing lab samples, production batches, and other packages.
Any amount of cannabis or cannabis product that may be sold, manufactured or transferred, must be placed into one or more packages, each package having a UID (package tag) created in Metrc.
Any product transferred from one licensee to another must have a UID physically attached to the package. Metrc allows you to repack any package into a new package.
Trackloop is the first company with a cold chain tracking solution to be approved by METRC.
The Company’s platform enables the instant and automated recording of all transactions, quality control, deliveries and movement of products.
Trackloop’s solution also offers native scheduling and API integration with other scheduling platforms, alongside its flagship cold chain module.
No other METRC approved vendor in California has these capabilities in a single, integrated solution.
Although Trackloop is currently focused on the Cannabis industry, it is exploring expanding its existing business in the food and perishables industry, by building sales channels in California.
At the same time, Trackloop is in the process of METRC approval in multiple other jurisdictions in the US.
TrackLoop’s technology combines cold-chain (refrigerated supply chain) monitoring, GPS tracking, and equipment health monitoring – spitting out real-time data at every point on the supply chain including production, transport and retail.
“The regulated cannabis market in the U.S. represents a huge opportunity for TrackLoop’s fully integrated offering,” states Zayn Kalyan, CTO of TrackLoop, “Licensed producers and logistics providers are under increasing pressure from regulators to provide sufficient supply chain data.”
The California market represents nearly a third of the entire North American cannabis market.
“We look forward to expanding our footprint in California, delivering innovative and integrated solutions to a highly regulated market,” stated Trackloop CTO Zayn Kalyan, “California is a leader in logistics regulation, and we are excited to be working in a progressive jurisdiction paving the way for the rest of the world.”
After 55 days with no news, TOOL is trading at .04 with a market cap of $2.3 million.
Full Disclosure: Trackloop is an Equity Guru marketing client