PharmaCielo is the first non-Canadian medical cannabis producer to join the Canadian Pilot Program
TruTrace's technology offers full transparency and traceability of medical cannabis from the plant's cultivar DNA through to the final product – ensuring quality, standardization and enhanced product safety
TORONTO and RIONEGRO, Colombia, Aug. 8, 2019 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the "Company") (TSXV:PCLO, OTC:PHCEF), the Canadian parent of Colombia's premier cultivator and producer of medicinal-grade cannabis oil, PharmaCielo Colombia Holdings S.A.S., today announced it has joined the TruTrace Technologies, Inc. ("TruTrace") (CSE:TTT, OTCQB:TTTSF) and Shoppers Drug Mart initiated medical cannabis pilot verification program ("Pilot Program"). PharmaCielo is the first international medical cannabis producer to join this seed-to-sale tracking initiative.
"We are pleased to have a recognized international medical cannabis producer joining and supporting our technology and the Canadian Pilot Program. As a new and burgeoning industry that impacts people's health and wellbeing, it is imperative to build accountability into the supply chain and product offerings. I am thrilled to have partners like PharmaCielo joining the platform with Shoppers, sharing the same vision that we have and representing the global industry perspective to push it forward," said TruTrace Technologies CEO Robert Galarza.
The Pilot Program uses TruTrace's StrainSecure™ blockchain technology as a central hub for the data collection, registration and tracing of medicinal cannabis products from the plant's DNA and strains through to the final product batch, ensuring its authentication and quality assurance throughout the production and distribution chain.
"The product registration hub is the right type of initiative the industry needs to bring it on par with the pharmaceutical and food industries in terms of full transparency and traceability," said David Attard, CEO with PharmaCielo Ltd. "We see great value in this technology and its importance to the industry. PharmaCielo fully supports this initiative, as it aligns with our commitment to adhering to the highest operational and ethical standards in everything we do."
Launched in mid-June at the second annual World Cannabis Congress, Shoppers Drug Mart and TruTrace initiated a Pilot Program that will provide stakeholders, including distributors, medicinal patients and regulators the knowledge and insight that comes with the ability to authenticate and track the origin of a single product or a batch back to the cannabis plant it came from. Since launch, momentum has been demonstrated by Canadian licensed producers coming on board.
PharmaCielo Ltd. (TSXV:PCLO, OTC:PHCEF) is a global company, headquartered in Canada, with a focus on ethically and sustainably processing and supplying all natural, medicinal-grade cannabis oil extracts and related products to large channel distributors. PharmaCielo's principal (and wholly owned) subsidiary is PharmaCielo Colombia Holdings S.A.S., headquartered at its nursery and propagation centre located in Rionegro, Colombia.
The boards of directors and executive teams of both PharmaCielo and PharmaCielo Colombia Holdings are comprised of a diversely talented group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the significant role that Colombia's ideal location will play in building a sustainable business in the medical cannabis industry, and the Company, together with its directors and executives, is executing on a business plan focused on supplying the international marketplace.
About TruTrace Technologies
TruTrace Technologies has developed the first integrated blockchain platform to register and track intellectual property in the cannabis industry. TruTrace's technology allows cannabis growers and breeders to identify and secure rights to their intellectual property. It also streamlines the administrative process and reduces the costs of genetic and mandatory quality-control testing for legal cannabis. TruTrace's technology is proprietary, immutable and cryptographically secure, thereby establishing an accurate and permanent account for cannabis strains from ownership to market.
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This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include statements with respect to the value of TruTrace's technology, enhanced transparency and tracing capabilities of the cannabis industry using this technology, and the ability of the technology to authenticate and track the origin of a single product or a batch back to cannabis plant. Forward-looking statements are based on assumptions, including with respect to TruTrace's StrainSecure™ blockchain technology functioning as anticipated, and its impact on the cannabis industry generally that management believes are reasonable in the circumstances, but the actual results, performance or achievements of TruTrace's technology and how it impacts PharmaCielo's business, if at all, may be materially different from any future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including, but not limited to, risks that TruTrace's StrainSecure™ blockchain technology will not function or will not function up to expectations associated with its usage, that use of this technology will not impact PharmaCielo's business or that its impact will be minimal, and uncertainty of the cannabis market generally. Accordingly, readers should not place undue reliance on forward-looking statements.
Except as required by law, PharmaCielo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE PharmaCielo Ltd.
For further information: David Gordon, Chief Corporate Officer, +1.416.864.6116, www.PharmaCielo.com; Media Relations: International: Gal Wilder, Cohn & Wolfe, +1.647.259.3261, [email protected]; Colombia: María Paula Peña Fdz., SPR GROUP S.A., PBX: 57-1 2877234, [email protected]; Investor Inquiries: [email protected]