Metrc, the Florida-based tracking and compliance offshoot of Franwell Inc., received a $50 million injection during a recent round of financing led by Tiger Global and Snoop Dogg’s Casa Verde Capital. So what does this investment mean for Metrc and the plant-touching industry? Let’s break it down a little for you.
Metrc Plans To Bolster Its Capabilities and Grow Its Workforce
Similar to what Canopy Growth is doing with its own massive investment from Constellation back in August, Metrc is planning to reinvest in its self with the cash. Having scored contracts with California –you’re maybe a little familiar with how big of a market California represents– and Massachusetts –a market that should not be overlooked!– in 2018, Metrc’s certain to make good use of the money on its facilities and operations infrastructure, while also looking to hire more staffers.
Furthermore, with the cannabis industry growing by leaps and bounds every day and with more and more investors pumping money into the industry, Metrc (and Franwell) are likely over the moon at the prospect of expanding into additional territories beyond the 11 states and District of Columbia. These are the early days of what many investors consider a gold rush. Speculation is one thing, but for companies that know what they’re doing extra cash on hand to grow your business is a godsend.
Metrc Investment Is Clear Signal of Strong Investor Belief in Cannabis Industry
It’s one thing for the D.O.G.G.’s investment firm to invest in Metrc. But for Tiger Global to back up the Brinks? It’s another strong sign of investor’s belief in the industry. Tiger, who has a track record of strong early investments –Spotify, LinkedIn, a little company called Facebook– marks an upgrade, a move into a nicer investment zip code if you will, for the plant-touching business.
From Jimmy Buffett licensing “Coral Reefers” to Surterra last month, to Bank of America providing the funding for the Constellation investment in Canopy Growth, the signs are all around us.
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