In another example of its diversification and growth in emerging markets, Dickinson + Associates, a Navisite company, has become a validated software provider/validated integrator with Marijuana Enforcement Tracking Reporting Compliance (Metrc). Metrc is the most successfully deployed regulatory cannabis system in the world and includes 16 states as well as the District of Columbia. The web-based, state-mandated software platform was created to provide transactional and inventory data to state regulators as part of end-to-end tracking of the cannabis supply chain. Metrc’s charter extends “from seed to sale” with more than 1 billion events tracked in the system to date, covering production, manufacturing, testing, distribution, and sale of cannabis products.
Dickinson + Associates’ expertise as an SAP Gold Partner was instrumental in this latest accomplishment, as the company led a related SAP S/4HANA project last year for one of its customers, Trulieve. The cannabis manufacturer and wholesaler – with dispensaries throughout Florida, Massachusetts, California, Connecticut and Pennsylvania – needed to integrate this future-ready enterprise resource planning (ERP) system to make regulatory reporting to the state of Massachusetts as seamless and automated as possible. The solution features built-in “intelligent technologies,” including AI, machine learning and advanced analytics.
Advancing the Power of SAP S/4HANA in Fast-Growth Industry
“Completing this integration between SAP S/4HANA and Metrc allows Trulieve to move away from manual reporting of regulatory requirements by having a fully-automated solution integrated into their enterprise platform,” commented Brad Wolfe, vice president of sales and corporate development at Dickinson + Associates. “In this fast-growing industry, automation of regulatory reporting requirements allows Trulieve to continue to focus on market expansion with confidence in regulatory reporting.”
New Frontier Data, a leading authority in cannabis data, analytics and business intelligence worldwide, projects the industry to grow at a compound annual growth rate of 21% to $41 billion by 2025. “The pace, breadth and scale of growth is undeniable,” explained Chief Information Officer Jason Pernell. “The integration between SAP S/4HANA and Metrc allows us to focus on our existing and new markets while mitigating risks in regulatory requirements.”
Trulieve’s national expansion continues with plans to expand into Massachusetts this year. In its most recent fiscal quarter, ended Dec. 31, 2020, Trulieve reported record results of $168.4 million, a 24% increase compared to its third quarter of the year and $521.5 million for the full year. It was the company’s 12th quarter of consecutive growth and profitability.
Trulieve is primarily a vertically integrated “seed-to-sale” company in the U.S. and is the first and largest fully licensed medical cannabis company in the State of Florida. Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida, as well as directly to patients via home delivery. Trulieve is also licensed and operates in California, Massachusetts, Connecticut, Pennsylvania and West Virginia. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF.
About Dickinson + Associates
Dickinson + Associates, a Navisite company, is a leading SAP systems integrator that delivers transformational SAP business solutions and enterprise support in North America and globally. With deep expertise in SAP S/4HANA®, SAP Analytics, SAP Customer Experience solutions, SAP Business Technology Platform and intelligent technology solutions, the company’s results-driven, collaborative approach to digital transformation enables businesses of varying sizes and across industries to adapt to fast-changing market conditions and capitalize on innovative solutions that bring true competitive advantage.