Metrc's New Retail ID Seeks To Streamline Cannabis Supply Chain

Zinger Key Points
  • New feature aims to improve the cannabis supply chain by offering improved item-level visibility and significant labor savings
  • The technology combines advanced software, customer support and a secure database, to track cannabis from growth

Metrc announced that it has launched a solution to improve the cannabis supply chain by offering item-level visibility and significant labor savings. The feature combines advanced software, RFID, customer support and a secure database to track cannabis from growth to sourcing product information directly from Metrc, thus ensuring consumer visibility and boosting public safety and confidence.

"Consumers are demanding more insight into their purchases, driving a heightened focus on transparency and traceability," said Michael Johnson, CEO of Metrc. "Metrc Retail ID provides the necessary visibility for all industry stakeholders, improving market confidence and consumer safety, while also reducing the associated burdens of product labeling and protecting the reputation and bottom line of cannabis businesses."

Metrc Retail ID allows real-time access to item-level product data such as origin, potency, test results, Certificate of Analysis (COA), and more, through a single scan of the QR code. Several states including Maryland and Montana now require the use of QR codes on product labels as part of a broader initiative to improve consumer safety and product transparency, providing a model that other states may follow as cannabis legalization evolves nationwide.

The U.S.-based provider of cannabis regulatory technology systems is involved in 26 government contracts and serves over 400,000 users, including growers, dispensaries and regulators.

Third-party POS integrators can use Metrc Retail ID to help dispensaries operate more efficiently through direct cycle counting, elimination of additional labeling, and strengthened inventory management practices, which ultimately optimizes compliance and consumers’ experience.

"Metrc Retail ID will allow our customers to tackle significant challenges in inventory management and relabeling," said Daphne Funston, VP of product at Dutchie. "Through our integration with Metrc Retail ID, retailers can effortlessly scan their inventory using QR codes to streamline receiving and checkout processes. This reduces human error and eliminates unnecessary time and costs associated with relabeling, allowing retailers to focus more on their customers and improve inventory accuracy for compliance."

Streamlined Processes For Brands

Metrc Retail ID will help brands maintain control and consistency across product lines while meeting regulatory requirements. This will enhance brand reputation, expand product education and reduce time and costs by eliminating additional scanning on packaging. Ben Gaines, Wyld’s VP of Marketing, stated, “We are proud to partner with Metrc to offer new opportunities for streamlined inventory management and improved operational support to our retailers.”

Labor Savings For Retailers

For retailers, Metrc Retail ID eliminates the need for relabeling and secondary labeling, acts as a barcode for checkout, and ties compliance reports to specific items. Initial time trials show a reduction of 60 seconds in labor per item, translating to about 2,000 hours saved per year, per retailer. Chris Wren, CCO at Planet 13, highlighted, "By the time we receive a product, it will already have the necessary unit-level information which we can instantly update and scan into our POS system, Dutchie. This will save us hours of labor and manual data entry, allowing us to redirect more time and resources toward customer service and strategic initiatives."

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisNewscannabis industryMetrc
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!
CCC-Oct-24-Banner-1

Click on the image for more info.

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry?

Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. 

Get your tickets now before prices surge by following this link.