Here at BioTrackTHC, we’re visionaries. From the moment that our founders, Steven Siegel and T.J Ferraro, devised a plan to create the first, real time, traceability system for the marijuana industry, BioTrackTHC™ understood the rising potential of the marijuana industry. Up until the company’s emergence in 2007, there had never been a proven, reliable, solution for state governments to monitor every gram of legal marijuana. Therefore, BioTrackTHC™ developed a trusted government solution for the marijuana industry, providing the template for compliance, success and growth in the marijuana industry. Fast forward to 2015, with the availability of robust tracking systems like BioTrackTHC, the marijuana industry can now project exactly how much it will grow within the next five years. The upcoming figures may shock you.
Let’s start with revenue growth. By 2020, the legal marijuana industry will grow 30%. According to a research report from the firm IBISWorld, the industry will generate over $13.4 billion dollars in revenue. By the end of 2015, legal marijuana will pull in nearly $3.6 billion dollars. Much of this growth will come from recreational marijuana sales, but those numbers are expected to double by the end of 2016 thanks to revenues from the medical marijuana sector. Some investors like Brendan Kennedy, CEO of Privateer Holdings, are very optimistic that prohibition of retail marijuana will have ended by 2020. Once medical marijuana becomes federally legal, the industry will see more extensive growth.
The state of Colorado presents a strong model of past and future growth. Since marijuana is legal recreationally and medically in Colorado, analysts view the state as a measuring point for determining industry growth for the rest of the country. Since 2000, Colorado sold more than $700 million dollars in legal marijuana. In the first two quarters of 2015, recreational marijuana sales totaled $42.7 million and medical marijuana sales totaled $7 million in sales. What’s more astonishing is that recreational sales grew nearly 17% within a single quarter. The Colorado Department of Revenue reports that LicensesFees and SalesExcise taxes generated nearly $11 million dollars in tax revenues in April 2015. This was a 110% revenue from April 2014.
The marijuana industry also gives strong projections for the jobs sector. Although the exact number of employees currently working in the marijuana industry is unknown, IBISWorld estimates that 75,000 people will work in legal marijuana by the year’s end. By July 2015, BioTrackTHC™ can confirm to have trained more than 24,000 people working in the industry; more than 30% of IBISWorlds’ projected outlook. Yahoo Finance projects the industry will hire more than 212,091 employees by the end of 2020. There will be high demand for new and experienced talent such as growers, dispensary workers, business service providers, regulators, researcher scientists and logistics providers to drive the high demand of marijuana recreationally and medically.
Since 2010, BioTrack has provided the legal cannabis operators with the industries’ leading seed to sale tracking and dispensary point of sale software. Whether you operate a cultivation site, manufacturing and processing facility, medical or recreational dispensary or a business that covers the full vertical, we’ve got you covered when it comes to compliance.
Our extensive seed-to-sale software allows licensed operators to remain compliant while helping to identify key data points to streamline and optimize inventory management at each phase of the operation; cultivation, processing, destruction and waste, transportation, lab testing and dispensing.
Along with BioTrack’s best-in-class commercial software, we also provide government track and trace solutions and currently hold government contracts in nine states. This allows lawmakers and regulatory agencies to ensure a transparent and compliant program from top to bottom.
In 2021 BioTrack became a part of Forian, Inc. Forian is a Delaware corporation created by the combination of Helix Technologies, Inc. (“Helix”) and Medical Outcomes Research Analytics, LLC (“MOR”). As of March 2, 2021, each of Helix and MOR are wholly owned subsidiaries of Forian. Forian represents the unique intersection of a leading cannabis technology platform with intelligent data science yielding the combined power to drive innovation and transparency across the healthcare and cannabis industries. For more information, see our website, which remains in process.
Are you interested in learning more about BioTrack or the cannabis industry in general? Check out our careers page to learn more about what it takes to join our winning team or take a look at our industry-leading blog for great news and information about the cannabis industry.