BioTrackTHC, a leading seed-to-sale tracking software provider, and Cannabase, host of the Cannabase Marketplace online cannabis exchange, will integrate their systems to make wholesale online cannabis sales more secure and transparent, according to the companies. BioTrackTHC’s software will be implemented to provide live confirmation of inventory data of Cannabase Marketplace’s users. This is a complete shift from the practice of self-reporting inventory that has been common in the industry’s online exchanges up to now, says Cannabase Director of Operations and Co-Founder Jennifer Beck.
“The greatest limitation in this market is … connected, integrated infrastructure,” she says. “Where the rest of the world … you’re always synched in to multiple systems. In cannabis, there tends to be a lot of double entry."
“Our goal now is to evolve the marketplace from this self-reported, bundled-listing structure into this live integration with BioTrack, where now a business can say, on a batch level … these are the current strains that are available for wholesale,” Beck continues.
Beck says this new, streamlined marketplace-reporting method will make vendor postings more accurate and complete, allowing wholesale buyers to make purchases with more confidence.
“Because of the nature of self-reporting, we often don’t see the itemization that we would hope for,” Beck says. She explains that if a wholesale vendor has 20 strains available, having the vendor input the different lab results manually means “a lot of corners can be cut.”
When it is rolled out to the public in the next few months, vendors using BioTrackTHC’s system just have to track their data using the software as they normally would and select which batches and strains they wish to sell on the wholesale market. BioTrackTHC’s software will then sync all the information they have on that vendor’s listings to the Cannabase Marketplace, which currently operates in Colorado, and to the state’s METRC tracking system. (Its software already integrates with the state’s tracking system.)
Buyers will then be able to see all of the different strains a vendor is putting up for sale, as well as any additional information and lab test results, a huge leap forward in online cannabis marketplaces according to BioTrackTHC CEO Patrick Vo.
“Having the ability to push BioTrackTHC data directly to the Cannabase wholesale exchange, and knowing that data from potential suppliers are also coming directly from their inventory management systems, cannabis businesses will be able to make data-driven wholesale buying and selling decisions efficiently,” Vo said in a statement.
This partnership will help the online marketplace expand into other states by addressing another online exchange issue: vetting who’s buying and selling.
“This will allow us to first offer our service in other states directly through BioTrack, who has already pre-vetted these customers,” Beck says, “and will hopefully make … it easier for them to learn how to use … and maximize Cannabase.”
The Cannabase Marketplace will still be open to growers who do not use BioTrackTHC’s system, explains Beck. “It’ll be an optional integration. It’ll be an extra live-inventory tool available for BioTrack users. … If you are not one of those customers, they you can use Cannabase like you always have.”