BioTrackTHC Secures Its 5th Government Marijuana-Tracking Contract
Ryan Allway
January 8th, 2016
News, Top Story
The State of Hawaii selected BioTrackTHC for a state contract to track the production, transportation, and sale of medical marijuana.
Under the agreement, the company will provide the Department of Health with real-time visibility into the seed-to-sale tracking data of every licensed medical marijuana dispensary in the state, including plant and inventory quantities, production activity, laboratory testing results, transportation activity, and dispensing activity. The technology enables governments to enforce regulations, collect taxes, and prevent illegal trade of marijuana.
“The development of a healthy and successful medical cannabis program is a top priority for Hawaii, and we are extremely proud to have been chosen to be a critical part of it,” said Patrick Vo, CEO, BioTrackTHC. “The islands of Hawaii are truly unique and we very much look forward to applying our expertise in solving the cannabis traceability challenges unique to Hawaii.”
How It Works
CEO Patrick Vo discussed exactly how the technology works with Hawaii Public Radio earlier this week. When a licensed dispensary propagates a new plant – by seed or clone – a unique identification number is assigned for that plant. Any derivatives of that plant are issued a separate unique identification number that is a child of the original number. That way, businesses and regulators can quickly find the parent of any product or child of any plant.
The Hawaii Department of Health will have access to all of this data from all business in Hawaii that are licensed to grow or sell marijuana. Using the data, they may conduct inspections to cross-reference the number of plants in their system with the number of plants that are physically at the location. The same data could be used to calculate tax receipts for individual businesses in order to ensure that everything is running smoothly.
Growing Footprint
BioTrackTHC’s enterprise system is already installed across more than 1,500 medical and recreational cannabis facilities in 23 states, Washington DC, Canada, Jamaica, and South America. After securing a contract in Hawaii, the company has a total of five cannabis-related government contracts, including Washington, New Mexico, Illinois, and New York. Members of the U.S. Congress have viewed its technology as a model to push for changes to federal law.
Interestingly, BioTrackTHC emerged from the medical software industry, where it was developed as a prescription drug and methamphetamine precursor tracking system to assist state government and law enforcement agencies in preventing drug diversion and promoting public safety. It was submitted to a SAS No. 70 audit (SSAE) to certify compliance with strict standards for electronic prescriptions of all legal classes of medication.
For more information, visit the company’s website at www.biotrackthc.com.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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