TORONTO and VANCOUVER, Aug. 28, 2019 /CNW/ - TruTrace Technologies Inc. (CSE: TTT; OTC: TTTSF) ("TruTrace" or the "Company"), creator of the first fully-integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, and Segra International Corp. ("Segra"), an agriculture technology company, today announced that the two companies have entered into a letter of intent ("LOI") to establish Segra as a primary genetics verification provider for TruTrace.
Pursuant to the LOI, Segra will be a lead genetics partner in the Shoppers Drug Mart ("Shoppers") and TruTrace Technologies medical cannabis verification pilot program recently announced at the World Cannabis Congress (the "Pilot Program"). The Pilot Program is intended to increase transparency, interoperability and product identification within the medical cannabis industry.
Segra will extract DNA from cannabis samples processed at its Genotyping and Molecular Lab Services Division and will provide unique DNA fingerprint codes, allowing for objective confirmation that as-supplied lots of cannabis remain isogenically pure to original reference material.
"Genetic verification is an essential element of our goal to establish traceability and help medical professionals match therapeutic outcomes to specific genetic and chemical profiles," said TruTrace Technologies CEO Robert Galarza. "As the program scales, we need genetic testing to be completed quickly, efficiently and reliably, and we believe Segra is the right partner to deliver on each of these attributes."
"Reliable customer experience lot-to-lot is crucial both for the consumer, and for the seller – particularly with cannabis, where individuals often must initially determine variety and dosing to meet their needs," said Dr. John Brunstein, Segra's Chief Scientific Officer. "We're excited to be able to apply our genetic tracking method to assist TruTrace, Shoppers Drug Mart and the participating LPs in this Pilot Program as part of a comprehensive solution to this need."
The Pilot Program will use TruTrace's StrainSecure™ technology as a central hub for identity management, asset tracking, validation, and product authentication. StrainSecure will also serve as a master registry for standardized testing, product verification, and quality assurance.
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.
About Segra International:
Segra is an agriculture technology company offering innovative services that accelerate the advancement of the cannabis industry to better serve society. The company's plant tissue culture and genomics technologies, coupled with a vast business ecosystem, empower its clients to drive financial performance and mitigate risk, while exploring the next frontiers of optimized cultivation practices for the rapidly evolving medical, recreational, and hemp markets. Segra is developing industrial-scale facilities to produce disease-free, robust, and DNA fingerprinted cannabis plantlets for licensed producers globally. To support this vision, Segra has assembled a world-class team of specialists in the fields of agronomy, molecular genetics, plant tissue culture, and regulatory compliance. Segra currently has agreements with many leading global cannabis producers, including the Canadian licensed producers HEXO Corp., Agripharm Corp., and The Supreme Cannabis Company Inc.
Disclaimer for Forward-Looking Information
This news release includes forward-looking information within the meaning of Canadian securities legislation, concerning the business of TruTrace, including statements regarding: Segra's participation in the Pilot Program; that use of the platform is intended to enable Segra to provide final test data on medical cannabis products validating the functionality of the TruTrace platform and meeting the quality assurance requirements of Shoppers and the Canadian consumer; and the ability of TruTrace Technologies' platform to bring transparency and integrity to the cannabis industry. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that it will prove to be correct and actual results and future events could differ materially from those anticipated in such information. Forward-looking information necessarily involves known and unknown risks, including, without limitation, risks associated with: general economic conditions; that Segra's participation in the Pilot Program may not result in the expected results of the Pilot Program or support the quality assurance mandate of Shoppers; whether sufficient numbers of researchers, clinicians, physicians, pharmacists and patients will be available to participate in the Pilot Program; potential negative results of the Pilot Program; adverse industry events; loss of markets; future legislative and regulatory developments in Canada, the United States, and elsewhere; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks beyond the Company's control. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are cautioned not to place undue reliance on any forward-looking information contained in this news release. Forward-looking information contained in this news release is provided as of the date of this news release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE TruTrace Technologies Inc.
For further information: TruTrace Technologies Inc: Robert Galarza, Chief Executive Officer and Director; Media Relations: Lori Harito, RNMKR Agency, 416-523-9602, [email protected]; Investor Inquiries: Swapan Kakumanu, Chief Financial Officer, 403-681-2549, [email protected]; Segra International: Carson Otto, Business Development Associate, [email protected]