VANCOUVER, British Columbia, May 09, 2019 (GLOBE NEWSWIRE) -- FinCanna Capital Corp. (“FinCanna”) (CSE: CALI) (OTCQB: FNNZF) a royalty company for the U.S. licensed cannabis industry, announces that its portfolio company ezGreen Compliance (“ezGreen”) has completed its integration with Marijuana Tracking Enforcement Compliance (“Metrc”) for the states of California, Colorado, Maryland, Massachusetts, Montana and Oregon. ezGreen provides state-of-the-art enterprise compliance and Point-of-Sale (POS) software solutions for licensed cannabis dispensaries in the United States.
Compliance with Metrc is mandatory for all California cannabis permanent licensees. Licensees, to remain compliant must migrate their current product inventory on to the Metrc platform enabling the tracking and reporting of cannabis and cannabis products as they move through the commercial cannabis supply chain. ezGreen’s POS software supports and simplifies the maintenance of accurate reporting, inventory control and taxation requirements for licensees seeking to remain compliant.
With this integration, ezGreen becomes the first Point-of-Sale solution designed by medical, data and security professionals to be sanctioned by Cannabis Control Commissions in 6 States, with applications for certification made for the remaining Metrc States. This integration with Metrc allows ezGreen customers to substantially reduce their time and costs associated with managing product information and client data, in a fully compliant state-by-state environment.
Specifically developed to address the needs of the licensed cannabis Industry, ezGreen Compliance is a Health Insurance Portability and Accountability Act (HIPAA) certified POS solution developed and supported by Automated HealthCare Solutions (AHCS). AHCS is a leading point-of-care tracking and dispensing software solution developed over the past 17 years which currently supports 3,500+ active physician operated clinics and dispensaries, all while maintaining HIPAA compliance following essential Health and Human Services standards in the United States.
Metrc is a turnkey regulatory compliance system that provides, tracking and tracing specifically designed for government agencies regulating legalized marijuana. Metrc covers a substantial portion of the legal U.S. cannabis market having won exclusive seed-to-sale tracking contracts with twelve states, which include over 5,700 retail dispensary licenses available in their geographic coverage. Cannabiz Media.
“Cannabis industry data standards are increasingly mirroring the pharmaceutical industry’s patient data security protocols,” said Mike Coner, President of ezGreen. “Our POS solution delivers data security and integrates with any technology platform which supports operators in streamlining their operations and lowering costs related to double data entry. ezGreen also provides fully customized reporting and real time data analytics enabling businesses to make more effective decisions. With our recent integration with Metrc we are now able to deliver a complete compliance and data management solution.”
“We see this integration as the missing link that combines the Seed-to-Sale power of Metrc with the equally powerful Sale-to-State tracking and reporting delivered by ezGreen,” said Andriyko Herchak, CEO of FinCanna Capital. “Compliant operations and reporting is a “must have” for retailers and dispensaries, and this integration with Metrc positions ezGreen as a leader in the space. We anticipate strong performance from ezGreen going forward as they continue to strategically expand their market opportunity.”
Integrated via Application Programming Interface (API) with Metrc, ezGreen is now positioned to provide its POS solution to cannabis operators throughout the 6 states as a complete and comprehensive compliance and business information solution. This combined solution links the strengths of the Metrc technology which provides aggregate data regarding cultivation, production, transportation and sales of cannabis within the regulated model with ezGreen’s strengths as a POS solution that integrates with Metrc under state specific technology guidelines to protect patient and customer records while offering dispensaries custom data and analytics.
ezGreen tracks products in real time and is able to instantly identify product related discrepancies at point-of-sale, simplifying management's ability to immediately identify and resolve any Store-to-State inventory reporting issues. ezGreen’s Point-of-Sale software also eliminates the need for manual data entry when reporting information to Metrc. As retailers or dispensaries accept inbound product information on their Metrc portal, the ezGreen information system is activated, automatically batching and labeling every product prior to sale. This seamless data exchange delivers complete compliance ensuring that products sold are reported referencing their corresponding product label tracking information versus other standard inventory tracking methods. For state’s tracking workflows that do not allow integration ezGreen provides its users the ability to generate or request custom reports, which eliminates further manual entry in Metrc or any other state tracking system.
First deployed in 2013 Metrc is a web-based solution made up of a browser interface and a mobile application for both the industry and regulatory users that provides end to end tracking and tracing of marijuana plants and products. The backend is a series of secure Web Services, Database and an Application Programming Interface (API). This solution was specifically designed for government agencies in charge of legalized marijuana enforcement. Metrc provides the necessary visibility for adherence to rules, regulations and statues. Currently Metrc is contracted by the following states, Alaska, California, Colorado, Oregon, Maryland, Michigan, Ohio, Massachusetts, Montana, Nevada, Louisiana and Washington D.C.
For additional information visit https://www.metrc.com .
About ezGreen Compliance
ezGreen Compliance, located in Fort Lauderdale FL, provides through its ezGreen software technology, a proven state-of-the-art enterprise compliance and Point-of-Sale software solution for licensed medical cannabis dispensaries and cultivators. Navigating through state-by-state license, tax and compliance issues has been challenging for the legal cannabis industry. ezGreen Compliance helps its customers comply with both the Health Insurance Portability and Accountability Act (“HIPAA”) and State Laws by ensuring patients’ confidential data is being handled properly, helping to protect from possible security breaches and financial and criminal liability resulting from potential violations. For more information around a HIPAA compliance strategy for the Cannabis industry, please visit www.ezgreencompliance.com.
About FinCanna Capital Corp.
FinCanna is a royalty company that provides growth capital to rapidly emerging private companies operating in the licensed U.S cannabis industry. The Company earns its revenue from royalties paid by its investee companies that are calculated based on a percentage of their total revenues.
FinCanna’s scalable royalty model provides an attractive alternative or complement to debt or equity financing for its investee companies. FinCanna is focused on delivering high-impact returns to its shareholders by way of a strategically diversified investment portfolio.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
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Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, statements about the market for, and effectiveness of, ezGreen software, the ability of ezGreen Compliance to expand operations and generate sales and revenues, FinCanna’s ability to fund and source future projects, and FinCanna’s ability to earn and realize revenues from its investee companies. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risks identified in the CSE listing statement available at www.SEDAR.com and other reports and filings with the applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the respective companies undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.