A recent mandate by the New York Office of Cannabis Management (OCM) under Section 78 of the Cannabis Law requires all licensed cannabis operators to adopt an electronic tracking system that carefully traces cannabis products from seed to sale. This measure aims to promote a compliant inventory tracking mechanism, which is crucial for the growing cannabis market.
It's important for operators to note that LOIs fulfill this requirement and an executed signed contract is not currently necessary.
According to the OCM, “licensees must obtain a 3rd party inventory tracking system that will be capable of integrating with the NY-API within 60 days of the NY-API being available.” At the time of publishing, the NY-API is not yet available.
Because of this, Canix is inviting cannabis operators to participate in a demo to firsthand experience how its tracking system aligns with the requirements, ensuring seamless data transmission to OCM's designated solution, BioTrack. Canix's demo aims to present operators with a practical alternative solution that can efficiently meet the new tracking and reporting requirements.
After the demo, Canix offers Letters of Intent (LOIs) to operators who find Canix's solution suitable for their operations. These LOIs confirm that Canix's tracking solution meets the necessary requirements set by OCM, providing operators with reassurance during the transitional period while specific regulatory details are being finalized.
The opportunity to host demos followed by LOIs from Canix comes at a crucial time as operators navigate the regulatory landscape to ensure compliance with OCM's directives. This initiative by Canix aims to assist operators in maintaining uninterrupted operations and ensuring a smooth transition as they adapt to the new regulatory framework.
Operators interested in scheduling a demo or learning more about the LOIs offered by Canix after the demo are encouraged to schedule a demo today.