Company tracks forecasted annual cannabis sales in the millions in CT

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Connecticut has announced plans to set up a software company that will oversee the sale, growth and manufacture of cannabis as the state launches its recreational marijuana program.

The state announced Monday that it plans to use software developed by Consultants Consortium, Inc. and its partner Forian to operate the tracking system.

The cannabis analysis tracking system aims to “create a real-time inventory of the cannabis products available in the state and prevent illegal diversion of products,” according to a press release from the state consumer protection department.

The consortium of consultants will also provide project management services, monitoring and support for the system.

The system will cost $ 562,501 to implement in the first fiscal year ending June 30th. Maintenance and operations will cost $ 165,000 annually. The Consultants Consortium, an Indiana-based company, already has a state contract for cloud computing, said Kaitlyn Krasselt, spokeswoman for the consumer protection department.

The announcement comes as Connecticut plans to launch its cannabis program after state lawmakers legalized recreational use of the substance in June.

The number of licenses, as well as the amount of production and sale, are likely to have an impact on the price consumers pay for cannabis, as well as the government’s tax revenue.

The tracking program monitors sales through both the medical and recreational programs. Information about the Biotrack software is collected from the time the seeds are sown until they are sold to the consumer as published.

According to a report by the state’s Office of Fiscal Analysis, recreational marijuana taxes will result in total revenue of $ 4.1 million for the state and communities in fiscal 2022 and $ 26.3 million in 2023 and 44, $ 6 million in 2024. Expected annual revenue of $ 73.4 million through 2026.

“The ability to track the state’s cannabis stocks from seed to sale will allow the department to monitor cannabis production and stocks from the earliest stages of growth to reaching the qualified patient or consumer,” said Consumer Protection Commissioner Michelle H Möwe said in a statement. “This information will enable us to see what is currently available in both markets, forecast future inventory levels, and identify potential diversions in the markets.”

At previous meetings of the Medical Marijuana Program Medical Committee, members raised concerns about the lack of data collected so far about the medical program. The Board advises the Department of Consumer Protection on certain decisions about the medical program, including the eligibility requirements for listing on the state list.

All cannabis licensees are asked to enter information into the system.

The state is not yet accepting business license applications, although the department has taken steps to preserve the medical program when recreational sales begin. For example, companies that sell medical marijuana are required to maintain this program.

Connecticut has approximately 54,000 registered medical marijuana patients, according to online data.

The information gathered in the new tracking system is typically used by the Department of Consumer Protection and the Department of Revenue Services. Law enforcement agencies can also use the data if necessary.

The sale of recreational uses is scheduled to begin at the end of 2022. Decisions yet to be made include detailed guidelines for social justice applicants and how many licenses will be awarded.