Business & Investments

Cathy Jolley, METRC to discuss Brookings Institute Report and Colorado, A Case Study for Marijuana Industry Regulators, to be presented at ICA Conference, Oct. 11-12, NY

New York, New York (PRWEB) August 23, 2014

Colorado’s Regulatory Recipe for Retail Marijuana: First of Six Essential Ingredients

Part of the legislative mandate surrounding the implementation of Amendment 64, at the behest of the Implementation Task Force, was to use a state-of-the-art “inventory control and tracking” system. In response, the Colorado Department of Revenue promulgated Rule R 309, outlining the new system, formally called Marijuana Inventory Tracking Solution (MITS) and often referred to as the seed-to-sale tracking system.

MITS is a web-based system, developed by Franwell, Inc. (now named Metrc) that interfaces with a system of plant-based tags that rely on a radio frequency identification system. Every plant in the market must be individually tagged and tracked as it moves through the commercial growth and distribution chain.

“The system is widely considered one of the most advanced in the marijuana industry and is used to track product, limit diversion, improve regulatory compliance, and discourage improper market behavior.” Brookings Institute Report

“The MITS system helps the state in a multitude of ways. The system offers the state the ability to track product in ways that far surpass product tracking in most other commodity markets in the U.S.” Brookings Institute Report

“The MITS system also allows the state to collect and analyze data that help improve and streamline enforcement efforts and compliance investigations.” Brookings Institute Report

“In many ways, the MITS system is the backbone of Colorado’s regulatory structure governing legalized marijuana. If effective, it helps businesses and regulators guard against shady practices, while helping keep at bay a federal government that is closely watching enforcement and compliance.” Brookings Institute Report.

For more information on the seed to sale tracking system referenced in the Brookings Report –

http://www.brookings.edu/research/reports/2014/07/colorado-marijuana-legalization-succeeding

July 31, 2014

MITS(now named Metrc, Marijuana Enforcement Tracking Reporting and Compliance)

a Franwell business, please contact Cathy Jolley at cathy.jolley(at)franwell(dot)com (615.305.4721).

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