BioTrackTHC, a subsidiary of Helix TCS Inc. HLIX has been announced as the conditional winner of the Maine Seed-to-Sale Marijuana Tracking System contract.
What To Know
In February, the Department of Financial and Administrative Services notified the public of their intent to enter into a contract with one of BioTrackTHC’s competitors without a competitive solicitation process. State legal counsel warned that the award could lead to costly and time-consuming litigation, as well as further delays to the implementation of the program. This resulted in the cancellation of the contract and the release of an open competitive Request for Proposal (RFP) process.
BioTrackTHC was named the conditional winner of the RFP with a score of 90 out of 100, with the next closest bidder receiving a score of 69.73.
What's Next
According to a press release issued this week, once the state and the company negotiate a contract, the Office of Marijuana Policy “will deploy BioTrackTHC, a cloud-based software product which uses barcode-based tags, to track the growth and distribution of marijuana and marijuana products throughout Maine.”
The contract is worth $275,000 on a tag-based model that includes $0.25 per plant or package tag that is utilized within the state. Maine has a population of 1.35 million and is expected to rollout its adult-use program later this year, in addition to its existing medical marijuana program.
BioTrackTHC now holds nine government cannabis tracking contracts across eight U.S. states and Puerto Rico.
Related Links:
'A Watershed Year': Why Cannabis Policies Matter More Than Ever For 2020 Presidential Hopefuls
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Top Cannabis Event In New Jersey
Join the Benzinga Cannabis Market Spotlight in New Jersey on June 17th! Grow your business, raise money and capitalize on the booming NJ recreational market. Don’t miss this must-attend event in New Brunswick. Secure your tickets now. Very few spots are left. Use the code "JAVIER20" for 20% off!