October 25th, 2018 / MJBiz – Metrc, which operates cannabis seed-to-sale tracking systems in 11 states and Washington DC, raised $50 million to expand its operations with the help of two notable marijuana investors.
The funding round, according to a news release, was led by New York-based Tiger Global Management and California’s Casa Verde Capital. The latter was co-founded by rapper Snoop Dogg.
“The investment will be used for growth and solidifying our financial position,” Metrc executive director Scott Denholm wrote in an email to Marijuana Business Daily on Thursday.
Florida-based Franwell will retain a majority stake in Metrc, a limited liability company, but Tiger Global and Casa Verde will now have minority interests in Metrc, Denholm said.
Tiger Global is an investment firm that has funded Facebook and LinkedIn; Casa Verde is a cannabis-focused venture capital firm.
With its 11 state contracts, including recent deals with Massachusetts and California, Metrc is the leader in providing seed-to-sale tracking in the U.S. cannabis industry. Metrc launched in December 2013 to support Colorado’s recreational MJ market.
To date, Metrc has registered more than 85,000 users and tracked more than 20 million cannabis plants and 19 million packages, according to a news release.